Finance Industry tax contributions (FOI)Finance Industry tax contributions (FOI)
Produced by the Freedom of Information officeAuthored by Government of Jersey and published on
27 October 2020.Prepared internally, no external costs.
Request
Could I please have the 2017 to 2019 figures for:
A
The finance industry's tax contribution to Jersey (monetary value or percentage share of tax receipts)
B
The finance industry's contribution to Jersey's GDP (monetary value or percentage share of total GDP)
Response
A
Year of Assessment | Financial Services Company Income Tax receipts | Total Company Income Tax receipts | Financial Services Company Income Tax Receipts as a percentage of total Company Income Tax receipts | International Services Entity (ISE) fees | Total of Financial Services Company Income Tax Receipts and ISE fees |
| 2017 | £68m | £95m | 72% | £8m | £76m |
| 2018 | £79m | £118m | 67% | £9m | £88m |
| 2019 | NYA | NYA | - | £9m | NYA |
Notes
a) The question does not provide a definition of the “Finance Industry”. In addition Revenue Jersey is moving from a legacy industry classification to a standard industrial classification (SIC) of economic activities. Whilst this more detailed data is being gathered the information provided has been restricted to the income tax receipts from financial services companies as defined in the Income Tax (Jersey) Law, 1961 and ISE fees paid (see below)
b) ISE Fees – these are fees paid by businesses (principally in the finance sector) that provide services predominantly to overseas customers. Where a business elects to pay the fee it is not required to register for GST.
c) 2019 company income tax figures are not yet available (NYA) as companies are not required to submit their 2019 returns until 31 December 2020
d) Income Tax numbers are subject to change as appeals are settled and assessments are finalised
B
The information requested is exempt under Article 23 (Accessible by other means) of the Freedom of Information (Jersey) Law 2011 as it is accessible to the requester within the report “Measuring Jersey’s economy” published on the Government of Jersey website at www.gov.je and is available in the following links:
Measuring Jersey’s economy
Article applied
Article 23 Information accessible to applicant by other means
(1) Information is absolutely exempt information if it is reasonably available to the applicant, otherwise than under this Law, whether or not free of charge.
(2) A scheduled public authority that refuses an application for information on this ground must make reasonable efforts to inform the applicant where the applicant may obtain the information.
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