Skip to main content Skip to accessibility
This website is not compatible with your web browser. You should install a newer browser. If you live in Jersey and need help upgrading call the States of Jersey web team on 440099.
Government of Jerseygov.je

Information and public services for the Island of Jersey

L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Income Tax (Superannuation Funds) (Amendment No. 4) (Jersey) Order 2010

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made 17 December 2010 regarding: Income Tax (Superannuation Funds) (Amendment No. 4) (Jersey) Order 2010.

Decision Reference:  MD-TR-2010-0185

Decision Summary Title:

Income Tax (Superannuation Funds) (Amendment No.4) (Jersey) Order 2010

Date of Decision Summary:

14 December 2010

Decision Summary Author:

Comptroller of Taxes

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Draft Order

Person Giving

Oral Report:

N/A

Written Report

Title:

Income Tax (Superannuation Funds) (Amendment No.4) (Jersey) Order 2010

Date of Written Report:

14 December 2010

Written Report Author:

Comptroller of Taxes

Written Report :

Public or Exempt?

Public

Subject: Income Tax (Superannuation Funds) (Amendment No.4) (Jersey) Order 2010.

Decision(s):  The Minister made the Income Tax (Superannuation Funds) (Amendment No.4) (Jersey) Order 2010.

Reason(s) for Decision:   The Income Tax (Superannuation Funds) (Amendment No.4) (Jersey) Order 2010 made under Article 144 of the Income Tax (Jersey) Law 1961 brings into effect an amendment to Article 131, which relates to the special provisions for superannuation funds and pension schemes. It allows an employed person to receive a lump sum as commutation of all benefits, rather than having an annuity, if that person has attained the age of 60 years and the aggregate of all lump sums received under this amendment and under Articles 131B and Article 131CA does not exceed £30,000.

 

It also ensures that payment of pensions is dependent upon whether or not benefits have commenced, not retirement.

Resource Implications:  None

Action required:   Notify the Greffe and the Law Draftsman that the Order has been made and forward the signed and sealed Order to the Greffe for archiving. Request the Greffier of the States to table the Order before the States at the next meeting.

Signature:

 

 

 

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

                 

 

Date Signed:

 

Date of Decision:

Income Tax (Superannuation Funds) (Amendment No. 4) (Jersey) Order 2010

Treasury and Resources

Ministerial Decision Report

 

 

 

Income Tax (SUPERANNUATION FUNDS ) (AMENDMENT No 4) (Jersey) Order 2010

 

  1. Purpose of Report

The purpose of this report is to ask the Minister for Treasury and Resources to make the Income Tax (Superannuation Funds) (Amendment No 4) (Jersey) Order 2010.

 

  1. Background

This Order is made under Article 144 of the Income Tax (Jersey) Law 1961, as amended, and brings into effect an amendment to Article 131, which relates to the special provisions for superannuation funds and pension schemes. It allows an employed person to receive a lump sum as commutation of all benefits, rather than having an annuity, if that person has attained the age of 60 years and the aggregate of all lump sums received under this amendment and under Articles 131B and Article 131CA does not exceed £30,000.

 

It also removes the current ambiguity that arises, as the current rules regarding the payment of pensions turn upon an individual retiring, when many people now work past what is the traditional retirement age. This amendment ensures that payment of pensions is dependent upon whether or not benefits have commenced, not retirement.

 

  1. Proposal

A clarification of and removal of a current ambiguity, relating to the provisions in the Income Tax (Jersey) Law, 1961, in relation to pensions.

 

  1. Recommendation

It is recommended that the Minister for Treasury and Resources should make the Income Tax (Superannuation Funds) (Amendment No. 4) (Jersey) Order 2010.

 

  1. Reason for Decision

To set out the new conditions for electing to receive a lump sum rather than an annuity and to remove a current ambiguity relating to retirement.

 

  1. Resource Implications

There are no manpower implications.

 

Report author : Comptroller of Taxes

Document date : 14/12/10

Quality Assurance / Review : Comptroller of Taxes

File name and path: l:\treasury\sections\corporate finance\ministerial decisions\dss, wrs and sds\2010-0185 -\md - budget 2010 - order.doc

MD sponsor : Interim Treasurer of the States

 

 

Back to top
rating button