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Income Tax (Amendment No. 35) (Jersey) Law 201-. Lodge for debate

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A decision made 25 May 2010 regarding: Income Tax (Amendment No. 35) (Jersey) Law 201-.  Lodge for debate.

Decision Reference: MD-TR-2010-0077

Decision Summary Title:

Income Tax (Amendment No 35) (Jersey) Law 201-

Date of Decision Summary:

25 May 2010

Decision Summary Author:

Director, Finance Industry Development

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 35) (Jersey) Law 201-

Date of Written Report:

25 May 2010

Written Report Author:

Director, Finance Industry Development

Written Report :

Public or Exempt?

Public

Subject:   Lodge au Greffe Income Tax (Amendment No 35) (Jersey) Law 201-.

Decision(s):   The Minister approved the Income Tax (Amendment No. 35) (Jersey) Law and accompanying report for lodging ‘au Greffe’ with a request for debate as soon as possible.

Reason(s) for Decision:  The Amendment is consequential on the Incorporated Limited Partnerships (Jersey) Law 201- (‘the ILP Law’) and the Separate Limited Partnerships (Jersey) Law 201- (‘the SLP Law’). 

These two laws are each closely modelled on the existing Limited Partnerships (Jersey) Law 1994 and seek to build on the success of that law by allowing limited partnerships with legal personality separate from that of their partners.  The ILP Law will allow incorporated limited partnerships, i.e. being a body corporate and having perpetual succession.  The SLP Law will allow limited partnerships having separate legal personality, but without being a body corporate. 

The Amendment provides for separate limited partnerships and incorporated limited partnerships to have the same income tax treatment under the Income Tax (Jersey) Law as for existing limited partnerships.

Resource Implications:  Since the treatment of separate limited partnerships and incorporated limited partnerships will be the same as for existing limited partnerships, there will be no additional resource implications arising from the administration of the Amendment.  Overall, the effect of the ILP Law, the SLP Law and the Amendment will be revenue positive, through the levying of fees and taxes.

Action required:  Forward the Income Tax (Amendment No. 35) (Jersey) Law and accompanying reports to the Greffier of the States and request that the projet be lodged ‘au Greffe’ for consideration by the States as soon as possible.

Signature: 

Position: Senator  P F C Ozouf, Minister for Treasury and Resources

Date Signed:

Date of Decision (If different from Date Signed):

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