Personal income tax amendments
Standard exemption threshold
| £18,550
| £20,000
|
|---|
Married exemption threshold
| £29,750
| £32,050
|
|---|
Second earner's allowance
| £7,350
| £7,950
|
|---|
Child allowance
| £3,450
| £3,700
|
|---|
Additional child allowance
| £5,150
| £5,550 |
|---|
Childcare relief
| £7,050
| £7,600
|
|---|
Higher childcare relief
| £18,300
| £19,700
|
|---|
RegTech Super-Deduction
Eligible financial services companies will be able to claim operating and capital expenditure on software and hardware related to regulatory compliance (RegTech) at the rate of 150% for the purpose of computing profits in the year of investment.
Short-term business visitors
From 2024, short-term business visitors who work in Jersey for 60 days or fewer each year are not liable for income tax. The day count (including days of arrival and departure) is cumulative meaning workers can come and go throughout the year if their total day count does not exceed 60.
Employers are not required to include short-term business visitors on their Combined Employer Returns. Employers are still required to apply for business licences where applicable.
Unilateral relief
From 2024, Jersey residents who are taxed on their employment income from working in another jurisdiction can receive relief against their Jersey income tax. The tax relief is available in respect of jurisdictions with which Jersey does not have a double tax agreement. The maximum value of the relief is the lower of the foreign tax paid or the tax charged at the standard rate in Jersey.
Changes to appeals
Taxpayers may apply to the Comptroller in writing to settle their appeal by agreement. The agreement must contain the year, the income and the tax payable. Taxpayers may revoke the agreement within 40 days.
Taxpayers who have appealed to the Comptroller but have not received notice of their hearing within 90 days may give notice directly to the Commissioners of Appeal.
Tax appeals
Changes to pensions
Currently, certain pensions will allow the fund holder to commute the pension once they have reached the age of 60 if the fund does not exceed £35,000. From 2024, this is increased to £50,000.
The maximum fund value for a small pot pension, which may be commuted at any age, is reduced to £15,000 for 2024. Pension holders may not commute the fund if their employer contributed to the fund, and they are still employed by that employer.
The definition of relevant earnings for pension contributions is expanded to include income from property development.
Jersey pension tax guide
Property transaction taxes
The maximum property value for a first-time buyer is increased to £700,000. These changes apply to Stamp Duty and Land Transaction Tax (LTT). A 0.5 percentage-point increase applies to each tax band above £2m across Stamp Duty, LTT, and Enveloped Property Transaction Tax. The Ministerial Direction on off-plan purchases is legislated.
Calculating land transaction tax
Calculating enveloped property transaction tax
Customs and excise duties
Tobacco duty is increased by 15.9%. Alcohol duty is increased by 4.5% while fuel duty is frozen. A reduced rate of duty is created for biofuels. Vehicle Emissions Duty is increased by 10-30% across the bands and new bands are created for electric and hybrid vehicles.
Excise duty rates
Administrative and technical changes
Remittances
The remittance basis of taxation is clarified to state that income arising in Jersey from employment in Jersey is Jersey income and is subject to Jersey income tax.
Independent taxation
Couples may elect to be independently taxed from year of assessment 2025. Elections must be made by 30 September and are irrevocable. An election can be made by either partner.
Independent taxation
GST changes
Group registrations are extended to groups that contain online and Jersey businesses.
Supplies made directly to businesses by offshore retailers are not included in calculating the turnover of a business for GST registration purposes.
Information disclosure
The Minister may, by Order, set out the conditions under which tax information may be disclosed to a public authority.
Exemptions
An exemption from income tax is created for income arising to the Jersey Bank Resolution Fund. The exemption for certain friendly societies is removed.
Filing deadlines
- the filing deadline for Limited Liability Companies is changed to 30 November
- the filing deadline for benefit-in-kind returns is aligned with the Combined Employer Return deadline on 15 January
- the deadline to register with Comptroller as an employer is amended to 7 days
Clarifications
The following provisions are clarified:
a general and a limited partner in the same
partnership must be treated as a general partner for the purpose of appointing a responsible
partner.
profits from the disposal of land on a commercial basis if it forms part of a property trade are chargeable to income tax under Schedule A
a distribution that represents a repayment of principal advanced to
a company by a connected member on a commercial basis is not chargeable to income tax.
gov.je