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Finance (2021 Budget) (Jersey) Law 202-: Amendment

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A decision made 4 December 2020:

Decision Reference:  MD-TR-2020-0150

Decision Summary Title:

Lodging of Amendment to the Draft Finance (2021 Budget) (Jersey) Law 202-

Date of Decision Summary:

26th November 2020

Decision Summary Author:

Comptroller of Revenue

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Lodging of Amendment to the Draft Finance (2021 Budget) (Jersey) Law 202-

Date of Written Report:

26th November 2020

Written Report Author:

Senior Specialist Officer

Written Report :

Public or Exempt?

Public

Subject:

Lodging of an Amendment to the Draft Finance (2021 Budget) (Jersey) Law 202- (P.147/2020)

Decision(s):

The Minister approved the lodging of the Draft Finance (2021 Budget) (Jersey) Law 202- (P.147/2020) – Amendment.

Reason(s) for Decision:

The four elements of the Amendment each relate to the need to correct and clarify the legislative changes made to the Income Tax (Jersey) Law 1961, as a result of P.118/2020 (i.e. the movement of all personal taxpayers to a current year basis (CYB) of payment). The four elements would:

  • Remove companies from the scope of the deferral of the 2019 income tax liability;
  • Ensure consistent legislative treatment of all taxpayers who make ‘payments on account’;
  • Provide for a clear requirement in law to make a transitional payment on account by 31 May 2021, regardless of whether an earlier payment on account has been made; and
  • Create specific rules for shareholder loans taken out in the 2019 year of assessment.

Full details are provided in the Report that accompanies the Amendment.

Resource Implications:

By itself, this decision would have no resource implications.

Action required:

The Greffier of the States to be requested by the Head of Financial Governance to arrange for the Amendment to be lodged ‘au Greffe’ for debate at the States sitting that commences on 14 December 2020.

Signature:

 

 

 

Position: Deputy S Pinel

Minister for Treasury and Resources

 

 

Date Signed:

Date of Decision:

 

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