Government of Jersey

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A decision made (02/09/2008) regarding: Approval of an amendment to the draft Companies (Annual Returns – Additional Charges) (Jersey) Regulations 200- (P.129/2008) (“the Amendment”).

Decision Reference: MD-E-2008-0170
Decision Summary Title :	Draft Companies (Annual Returns – Additional Charge) (Jersey) Regulations 200-: Amendment		Date of Decision Summary:	1 September 2008
Decision Summary Author:	Robert Jones Finance Industry Development Assistant		Decision Summary: Public or Exempt? (State clauses from Code of Practice booklet)	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title :	Draft Companies (Annual Returns – Additional Charge) (Jersey) Regulations 200-: Amendment		Date of Written Report:	1 September 2008
Written Report Author:	Robert Jones Finance Industry Development Assistant		Written Report : Public or Exempt? (State clauses from Code of Practice booklet)	Public
Subject: Approval of an amendment to the draft Companies (Annual Returns – Additional Charges) (Jersey) Regulations 200- (P.129/2008) (“the Amendment”).
Decision(s): The Minister for Economic Development approved the Amendment and the attached report and the documents to be lodged au Greffe so as to be debated by the States together with P.129/2008.
Reason(s) for Decision: The Amendment is necessary to avoid unfairness to companies filing late returns for 2008, who would otherwise be caught by the additional charge, which is only intended to apply in relation to future returns.
Resource Implications: No measurable cost or manpower implications arise for the Commission, the States or industry.
Action required: The Minister for Economic Development to approve the Amendment and the attached report and the documents to be lodged au Greffe so as to be debated by the States together with P.129/2008.
Signature: Senator P.F.C.Ozouf		Position: Minister
Date Signed:		Date of Decision (If different from Date Signed):

Approval of an amendment to the draft Companies (Annual Returns – Additional Charges) (Jersey) Regulations 200- (P.129/2008) (“the Amendment”).

DRAFT COMPANIES (ANNUAL RETURNS – ADDITIONAL CHARGE (JERSEY) REGULATIONS 200- : AMENDMENT (“THE AMENDMENT”)

1 THE ISSUE AND RECOMMENDATION

1.1 The Minister will recall that that the draft Companies (Annual Returns – Additional Charge) (Jersey) Regulations 200- (“the Regulations”) effect a change in the system of annual return fees payable by companies. At present, the Jersey Financial Services Commission (“the Commission”) levy a single fee, part of which is retained to cover the Commission’s own costs and part of which is remitted to the States’ Treasurer. Under the new system, the fee will consist of two separate elements, one set by the Commission to cover their costs and the other set by the States.

1.2 The Regulations set the amount of the States’ element of the fee at £115. They are only intended to apply to future annual returns, as annual returns for 2008 and earlier years are covered by the existing system.

1.3 However, in their original form, the Regulations would apply to companies in relation to 2008 returns if the return was made late so as to fall after the date the Regulations come into force. The company would therefore have to pay an additional fee and would effectively be paying the States’ element of the fee twice, which would be unfair. This Amendment avoids this by disapplying the Regulations in relation to annual returns for 2008 or earlier.

1.4 It is recommended that the Minister for Economic Development approve the Amendment and the attached report and the documents be lodged au Greffe so as to be debated by the States together with the Regulations.

ROBERT JONES

Finance Industry Development Assistant

1 September 2008