Group relief for stamp duty
New group relief provisions reduce the stamp duty payable on transactions between companies in the same group to £180. A group is any company and a subsidiary that it controls. Control is defined as any of the following:
- holding 75% or more of the shares
- possessing 75% or more of the voting rights for the controlled company
- holding 75% or more of the powers in the articles of association.
In addition, the controlling company must be entitled to 75% or more of the profits of the controlled company.
Commissioners of Appeal
The Minister must appoint a legally qualified Chair and Deputy Chair to the Commissioners of Appeal. The Commission may not sit without either the Chair or Deputy Chair and at least 2 other Commissioners. The maximum number of commissioners is increased to 14 to accommodate this. These changes will come into force by Order to ensure the Commissioners are still able to sit prior to a Chair being appointed.
Customs and excise duties
Tobacco duty increased by 8.6%. Vehicle Emissions Duty (VED) increased by 5-25% across the top three bands for non-commercial vehicles. VED for commercial vehicles increased by 3.6%.
Excise duty rates
Small distillers relief
Existing provisions for small distillers are expanded. The changes allow producers to distil 20,000 litres of pure alcohol each year. The scope is also expanded to include producers who distil from purchased neutral grain spirit.
Administrative and technical changes
Group relief for income tax
Articles 123EA and 123F are combined to allow corporate groups containing both 0% and 10% companies to offset gains with losses across members taxed at the same rate.
Deductions for accounting services
Existing practices that allows fees for accounting services to be deducted when calculating taxable profits are legislated.
Additional penalties for late filing
The £100 monthly penalty for late filing will apply to all bodies of persons rather than body corporates and LLCs.
GST on imports from unregistered online retailers
Article 6 of the GST Law is amended to ensure Revenue Jersey can continue to collect GST on imports from unregistered online retailers.
Relocation expenses
The provision that exempts relocation expenses from benefit-in-kind is rewritten to clarify that only reasonable, actual expenditure incurred by the employer is exempt.
Rental losses carried forward
Article 52 is clarified to ensure that rental losses can only be carried forward.
Small pot pensions
The maximum amount of a small pot pension is reduced from £15,000 to £10,000.
DIY housebuilders
The GST Regulations are amended to provide that the total amount of GST refunded under the DIY housebuilder provisions cannot exceed £50,000.
GST margin scheme
The GST motor trader margin scheme is expanded to include bicycles as well as vehicles.
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