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Income Tax (Jersey Occupational Pension Schemes) (Jersey) Order 201-

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.

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A decision made 15 December 2014:

Decision Reference:  MD-TR-2014-0147

Decision Summary Title:

Income Tax (Jersey Occupational Pension Schemes) (Jersey) Order 201-

Date of Decision Summary:

10 December 2014

Decision Summary Author:

Deputy Director of Tax Policy

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Income Tax (Jersey Occupational Pension Schemes) (Jersey) Order 201-

Date of Written Report:

10 December 2014

Written Report Author:

Deputy Director of Tax Policy

Written Report :

Public or Exempt?

Public

Subject: Making of the draft Income Tax (Jersey Occupational Pension Schemes) (Jersey) Order 201-.

Decision(s): The Minister made the Income Tax (Jersey Occupational Pension Schemes) (Jersey) Order 201-.

Reason(s) for Decision:   The Income Tax (Superannuation Funds) (Jersey) Order 1972 outlines:

(i) how a pension scheme should seek approval under Article 131 of the Income Tax (Jersey) Law 1961;

(ii) the information that a pension scheme approved under Article 131 needs to provide to the Comptroller of Taxes; and

(iii) the tax treatment of employer contributions to a pension scheme approved under Article 131 and certain payments emanating from such a scheme

 

As a consequence of the changes to the taxation of pensions and pension schemes contained in Income Tax (Amendment No. 44) (Jersey) Law, the tax treatment of employer contributions to and payments emanating from pension schemes approved under Article 131 is from 1 January 2015 is provided for in the Income Tax (Jersey) Law 1961 itself.

 

Correspondingly the Income Tax (Jersey Occupational Pension Schemes) (Jersey) Order 201- repeals the Income Tax (Superannuation Funds) (Jersey) Order 1972 and reinstates provisions regarding how a pension scheme should seek approval under Article 131 and the information that a pension scheme approved under Article 131 needs to provide to the Comptroller of Taxes.

Resource Implications:  None.

Action required:  That the Minister sign and seal the draft Order and it be returned to the States Greffe for immediate publication. The Greffier of the States to be requested to arrange for the making of the Order to be notified to the States.

Signature:

 

 

Position: Senator A.J.H. Maclean, Minister for Treasury and Resources

Date Signed:

Date of Decision:

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