Lodge au Greffe Income Tax (Amendment No. 32) (Jersey) Law which provides for tax relief in respect of the bank depositors compensation scheme.

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A decision made (01/06/2009) regarding:Lodge au Greffe Income Tax (Amendment No. 32) (Jersey) Law which provides for tax relief in respect of the bank depositors compensation scheme.

Decision Reference: MD-TR-2009-0079
Decision Summary Title:	Income Tax (Amendment No. 32) (Jersey) Law.		Date of Decision Summary:	27 May 2009
Decision Summary Author:	David Le Cuirot Deputy Comptroller of Income Tax		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Income Tax (Amendment No. 32) (Jersey) Law.		Date of Written Report:	27 May 2009
Written Report Author:	David Le Cuirot Deputy Comptroller of Income Tax		Written Report : Public or Exempt?	Public
Subject: Lodge au Greffe Income Tax (Amendment No. 32) (Jersey) Law which provides for tax relief in respect of the bank depositors compensation scheme.
Decision(s): The Minister approved the Income Tax (Amendment No. 32) (Jersey) Law and accompanying report for lodging ‘au Greffe’ on 2 June 2009 and debate on 14 July 2009
Reason(s) for Decision: To enable the Income Tax (Amendment No. 32) (Jersey) Law and accompanying report to be lodged ‘au Greffe’ on 2 June 2009 and debated on 14 July 2009.
Resource Implications: Bank contributions to the Depositor Guarantee Scheme would be tax deductible. The financial implications are as set out in the attached report.
Action required: Forward the Income Tax (Amendment No. 32) (Jersey) Law and accompanying report to the Greffier of the States and request that the projet be lodged ‘au Greffe’ and set down for consideration by the States on 14 July 2009.
Signature:		Position: Senator P. Ozouf, Minister for Treasury and Resources
Date Signed:		Date of Decision:

Lodge au Greffe Income Tax (Amendment No. 32) (Jersey) Law which provides for tax relief in respect of the bank depositors compensation scheme.

INCOME TAX (AMENDMENT NO. 32) (JERSEY) LAW

REPORT

As a result of the introduction of the Deposit Guarantee (Jersey) Regulations 200- it is necessary that the following four new provisions are added to the Income Tax (Jersey) Law 1961.

A provision to allow a tax deduction of contributions made by banks to the bank depositors compensation scheme.

A provision to tax reimbursements of contributions made to the banks under the bank depositors compensation scheme.

A provision to exempt from income tax the compensation paid to a depositor with a bank in default under the bank depositors compensation scheme.

A provision to exempt from income tax the income derived by the Jersey Bank Depositors Compensation Board established under the bank depositors compensation scheme.

There are no manpower implications.

If the Depositor Guarantee Scheme comes in to effect the bank contributions would be tax deductible so there would be a loss of tax revenues equivalent to 10% of any bank contributions.