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States annual return fee under Foundations Law 2009

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A decision made 16 November 2009 regarding: States element of  annual return fees under Foundations Law 2009.

Decision Reference: MD-TR-2009-0183

Decision Summary Title:

States element of annual return fees for Foundations

Date of Decision Summary:

11th November 2009

Decision Summary Author:

Head of Decision Support

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

States element of annual return fees for Foundations

Date of Written Report:

11th November 2009

Written Report Author:

Head of Decision Support

Written Report :

Public or Exempt?

Public

Subject:

States element of annual return fees for Foundations

Decision(s):

The Minister agreed that the States element of the annual return fee for Foundations should be set by Regulation at £115.

Reason(s) for Decision:

To enable the Minister to agree the States element of the annual return fee for Foundations in accordance with Regulations to be lodged under the Foundations Law 2009.

Resource Implications: 

Other than those detailed in the report there are no further financial or manpower Implications.

Action required: 

Head of Decision Support to notify the Finance Industry Development Executive of the Minister’s decision and to request EDD to instruct the Law Draftsman to prepare the Regulations

Signature: 
 

Position: Deputy E. J. Noel, Assistant Minister for Treasury and Resources 
 

Date Signed:

Date of Decision:

Hide report
States annual return fee under Foundations Law 2009

TREASURY AND RESOURCES MINISTER  

STATES ELEMENT OF ANNUAL RETURN FEES FOR FOUNDATIONS  

  1. Purpose of Report

 

To enable the Minister to approve the States element of the annual return fee for Foundations. 

  1. Background

 

In 2009 the JFSC ceased paying a return (c£4 million) to the States. This was replaced by the ability (under the Companies Law) for the States to levy a fee in addition to the annual company return fee payable to the JFSC. Regulations were lodged (P129/2008) in August 2008 and approved in September 2008 setting the States element of the fee at £115. This would produce income estimated at £3.7 million. 

In October 2008 the Draft Foundations Law (P143/2008) was approved by the States. This established a new form of corporate vehicle. The JFSC is proposing to levy an annual return on Foundations and there is provision within the Law for the States to levy an additional charge, as with the Companies Law. This would entail Regulations to be drawn up, lodged and debated. At present very few Foundations have been set up. It would seem logical for the States to levy the same fee (£115) on Foundations as it does on companies. Currently this is estimated to generate income of only £1-2k in 2010. It is anticipated, though, that the number of Foundations will rise significantly in subsequent years, with States income rising correspondingly. 

EDD are currently drawing up the Regulations in anticipation of lodging. They require confirmation from the Minister for Treasury and Resources that the States element of the fee will be £115. 

  1. Recommendation

 

That the Minister agrees that the States element of the annual return fee for Foundations should be set by Regulation at £115. 

  1. Reason for decision

 

To enable the Minister to agree the States element of the annual return fee for Foundations in accordance with Regulations to be lodged under the Foundations Law 2009. 

States Treasury Corporate Financial Strategy Division

12 November, 2009 

 

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