Finance (2024 Budget) (Jersey) Law 2024

Finance (2024 Budget) (Jersey) Law 2024 Contents Article Part 1 4 Standard rate of income tax set for 2024 4 1 Standard rate of income tax for 2024 . 4 Part 2 4 Income Tax (Jersey) Law 1961 amended 4 Division 1 – Introductory 4 2 Amendment of the Income Tax (Jersey) Law 1961 . 4 Division 2 – returns 5 3 Article 17A (penalty for late delivery of return) amended . 5 4 Article 19A (duty of employer or building contractor to register) amended . 5 5 Article 20C (returns of information as to benefits in kind) amended . 5 6 Article 20E (returns of information by partnerships) amended . 5 Division 3 – Appeals 5 7 Article 27 (right of appeal) amended . 5 8 Article 36A (settling appeals by agreement) inserted . 5 Division 4 – Provisions relating to Schedule A 6 9 Article 51 (Schedule A) amended . 6 Division 5 – Provisions relating to Schedule D 6 10 Article 62 (mode of charge under Schedule D; the Cases) amended . 6 11 Article 80 (basis of computation under Cases IV and V) amended . 6 Division 6 – Personal allowances and reliefs 7 12 Article 92A (threshold for exemption from income tax) amended . 7 13 Article 92B (increase in exemption threshold for child day care) amended . 7 14 Article 95 (children) amended . 7 15 Article 98A (additional allowance in respect of children) amended . 7 Division 7 – Unilateral relief from taxation for foreign income 7 16 Article 112 (tax credits) amended . 7 17 Part 14B (unilateral relief from taxation on foreign income from employment) inserted 8 Division 8 – Exemptions 9 18 Article 115 (miscellaneous exemptions) amended . 9 19 Article 116 (exemption for certain friendly societies) deleted . 9 20 Article 118B (exemption of certain income, profits or gains of a non-resident) amended 10 Division 9 – Independent taxation 10 21 Article 3 (general provisions as to interpretation) amended . 10 22 Article 121F (election by spouses for independent taxation) inserted . 10 23 Article 122DD (election by civil partners for independent taxation) inserted . 11 Division 10 – Special provisions as to pensions etc. 11 24 Article 130C (relevant earnings) amended . 11 25 Article 131CE (permitted commutation – trivial pension) amended . 11 Division 11 – Expenditure on regulatory compliance activity 12 26 Article 3 (general provisions as to interpretation) amended . 12 27 Article 3AF (regulatory compliance activity) inserted . 12 28 Article 70E (deductions for expenditure on regulatory compliance activity) inserted . 12 29 Article 106BA (special provision as to regulatory compliance activity) inserted . 13 Part 3 14 Customs and Excise (Jersey) Law 1999 amended 14 30 Amendment of the Customs and Excise (Jersey) Law 1999 . 14 31 Excise duty: spirits and spirits-based drinks . 14 32 Excise duty: wines . 14 33 Excise duty: beer . 14 34 Excise duty: cider . 15 35 Excise duty: other alcoholic beverages . 15 36 Excise duty: tobacco . 15 37 Excise duty: hydrocarbon oil 15 38 Excise duty: motor vehicles – general 16 39 Excise duty: motor vehicles – commercial vehicles . 17 40 Excise duty: restricted speed agricultural tractors . 18 Part 4 19 Goods and Services Tax (Jersey) Law 2007 amended 19 41 Amendment of the Goods and Services Tax (Jersey) Law 2007 . 19 42 Article 23 (where goods supplied) amended . 19 43 Article 26 (when goods supplied) amended . 19 44 Schedule 1 (registration) amended . 19 Part 5 20 Revenue Administration (Jersey) Law 2019 amended 20 45 Amendment of the Revenue Administration (Jersey) Law 2019 . 20 46 Article 8 (general prohibition and exceptions) amended . 20 47 Article 8A (power to prescribe further cases or circumstances in which information may be disclosed) inserted . 20 Part 6 21 Stamp Duties and Fees (Jersey) Law 1998 amended 21 48 Amendment of the Stamp Duties and Fees (Jersey) Law 1998 . 21 49 Article 1 (interpretation) amended . 21 50 Article 2 (stamp duty) amended . 21 51 Article 6A (remission of stamp duty on Jersey Homebuy contracts) deleted . 21 52 Schedule 1 (judicial fees) amended . 22 Part 7 26 Taxation (Land Transactions) (Jersey) Law 2009 amended 26 53 Schedule (value of transaction and rate of LTT applicable) of the Taxation (Land Transactions) (Jersey) Law 2009 amended . 26 Part 8 27 Taxation (Enveloped Property Transactions) (Jersey) Law 2022 amended 27 54 Amendment of the Taxation (Enveloped Property Transactions) (Jersey) Law 2022 . 27 55 Schedule 1 (excluded transactions) amended . 27 56 Schedule 2 (calculation of variable element of tax) amended . 27 Part 9 28 Consequential amendments 28 57 Social Security (Collection of Class 1 and Class 2 Contributions) (Jersey) Order 2013 amended 28 Part 10 28 Citation and commencement 28 58 Citation and commencement 28 Finance (2024 Budget) (Jersey) Law 2024 A LAW to set the standard rate of income tax for 2024 and to implement parts of the Government Plan 2024-2027 by amending the Income Tax (Jersey) Law 1961 , the Customs and Excise (Jersey) Law 1999 , the Goods and Services Tax (Jersey) Law 2007 , the Stamp Duties and Fees (Jersey) Law 1998 , the Taxation (Land Transactions) (Jersey) Law 2009 , the Taxation (Enveloped Property Transactions) (Jersey) Law 2022 and to make consequential amendments. Adopted by the States 14th December 2023 Sanctioned by Order of His Majesty in Council 10th April 2024 Registered by the Royal Court 19th April 2024 Coming into force 1st January 2024 THE STATES , subject to the sanction of His Most Excellent Majesty in Council, have adopted the following Law – Part 1 Standard rate of income tax set for 2024 1 Standard rate of income tax for 2024 Income tax is levied and charged for the year 2024 at the standard rate of 20 pence in the pound, in accordance with and subject to the Income Tax (Jersey) Law 1961 . Part 2 Income Tax (Jersey) Law 1961 amended Division 1 – Introductory 2 Amendment of the Income Tax (Jersey) Law 1961 This Part amends the Income Tax (Jersey) Law 1961 . Division 2 – returns 3 Article 17A (penalty for late delivery of return) amended In Article 17A (2) – ( a ) in sub-paragraph (a)( ia ) for “31st December” there is substituted “30th November”; ( b ) in sub-paragraph (c) for “31st January” there is substituted “15th January”. 4 Article 19A (duty of employer or building contractor to register) amended In Article 19A – ( a ) in paragraphs (1) and (2) for “one month” there is substituted “7 days”; ( b ) in paragraph (3) after “A person who” there is inserted “, without reasonable excuse,”. 5 Article 20C (returns of information as to benefits in kind) amended In Article 20C (1) for “31st January” there is substituted “15th January”. 6 Article 20E (returns of information by partnerships) amended In Article 20E – ( a ) in paragraph (5) “, who cannot be a limited partner,” is deleted; ( b ) for paragraph (6) there is substituted – “( 6 ) When determining who the responsible partner is the Comptroller – ( a ) must not determine that a limited partner is the responsible partner, unless that partner is also a general partner, in which case the partner acts as a general partner for the purpose of being the responsible partner; and ( b ) must have regard to a nomination (if any) made by the partnership.”. Division 3 – Appeals 7 Article 27 (right of appeal) amended In Article 27 after paragraph (3) there is inserted – “( 4 ) If a person has given notice in writing to the Comptroller in accordance with paragraph (1) and has not received notice of the hearing within 90 days of giving that notice, the person may give notice directly to the Commissioners, who may admit the appeal.”. 8 Article 36A (settling appeals by agreement) inserted After Article 36 there is inserted – “ 36A Settling appeals by agreement ( 1 ) Before an appeal is determined by the Commissioners, the Comptroller and the appellant may make an agreement in writing that the assessment is to be treated as – ( a ) confirmed; or ( b ) altered in accordance with the agreement. ( 2 ) The appellant may, within a period of 40 days beginning with the day on which the agreement is made, inform the Comptroller, in writing, that the appellant revokes the agreement. ( 3 ) The effect of an agreement between the Comptroller and the appellant that is not revoked under paragraph (2) is that – ( a ) the assessment is to be treated as if, at the time the agreement was made, the Commissioners had determined the appeal exactly as agreed, and the Comptroller may revise any assessments or notices to give effect to the agreement; and ( b ) the agreement is considered a final determination of the appeal and there is no further right of appeal.”. Division 4 – Provisions relating to Schedule A 9 Article 51 (Schedule A) amended In Article 51(1)(b) after “on a commercial basis” there is inserted “as part of a property trade”. Division 5 – Provisions relating to Schedule D 10 Article 62 (mode of charge under Schedule D; the Cases) amended In Article 62 after paragraph (2) there is inserted – “( 3 ) In paragraph (1), in Case V, income does not arise from a possession out of Jersey if it is income from emoluments other than pensions arising from an office or employment exercised in Jersey.”. 11 Article 80 (basis of computation under Cases IV and V) amended In Article 80 – ( a ) paragraphs ( 1A ) and ( 1B ) are deleted; ( b ) after paragraph ( 3A ) there is inserted – “( 3B ) Tax in respect of distributions, within the meaning of Article 3AE (1)(c) only, of a company is not charged under Case V of Schedule D on so much of a distribution as represents repayment of the principal amount advanced to the company by a member, or a person connected with a member, where the principal amount was advanced on a commercial basis.”. Division 6 – Personal allowances and reliefs 12 Article 92A (threshold for exemption from income tax) amended In Article 92A – ( a ) in paragraphs (2) and ( 2A ) for “£29,750” there is substituted “£32,050”; ( b ) in paragraphs (4) and ( 4A ) for “£7,350” there is substituted “£7,950; ( c ) in paragraph (6) for “£18,550” there is substituted “£20,000”. 13 Article 92B (increase in exemption threshold for child day care) amended In Article 92B – ( a ) in paragraph (1)(c) and (d) for “£18,300” there is substituted “£19,700”; ( b ) in paragraph (1)(e) for “£7,050” there is substituted “£7,600”; ( c ) in paragraph (5) in the definition “qualifying income” – ( i ) in sub-paragraph (a) for “£7,350” there is substituted “£7,950”, ( ii ) in sub-paragraph (b) for “£5,150” there is substituted “£5,550”. 14 Article 95 (children) amended In Article 95(1) and (4) for “£3,450” there is substituted “£3,700”. 15 Article 98A (additional allowance in respect of children) amended In Article 98A ( 1A ) for “£5,150” there is substituted “£5,550”. Division 7 – Unilateral relief from taxation for foreign income 16 Article 112 (tax credits) amended In Article 112 – ( a ) in paragraph (3) for “or under Part 14A in the case of a qualifying company as defined in that Part” there is substituted “Part 14A (in the case of a qualifying company as defined in that Part) or Part 14B ”; ( b ) in paragraph (5) for “or under Part 14A (in the case of a qualifying company as defined in that Part),” there is substituted “Part 14A (in the case of a qualifying company as defined in that Part) or Part 14B ”; ( c ) for paragraph ( 9A ) there is substituted – “( 9A ) No claim for an allowance by way of credit under this Article is to be made where relief has been claimed in respect of the same foreign tax by way of a credit under Part 14A (in the case of a qualifying company as defined in that Part) or Part 14B .”. 17 Part 14B ( unilateral relief from taxation on foreign income from employment ) inserted After Part 14A there is inserted – “Part 14B unilateral relief from taxation on foreign income from employment 114D Interpretation of Part 14B In this Part – “foreign income” means emoluments other than pensions arising from an office or employment exercised outside Jersey; “ foreign tax ”, except in Article 114E (6) and (7), means any tax on income or of a similar character to Jersey income tax imposed by the law of the country or territory from which the foreign income arises or accrues; “ income tax ” means tax chargeable under this Law; “ overseas territory ” means the country or territory from which foreign income arises or accrues. 114E Unilateral relief from taxation on foreign income from employment ( 1 ) This Article applies if – ( a ) in respect of the foreign income of an individual, income tax is chargeable under Case II of Schedule D; ( b ) foreign tax is payable in respect of the foreign income under the law of an overseas territory; ( c ) the individual is not a high value resident within the meaning of Article 135A ; ( d ) the individual is ordinarily resident in Jersey; and ( e ) no claim for relief by way of a credit under Article 112 has been made in respect of the same foreign tax. ( 2 ) If this Part applies, the amount of tax chargeable under Case II of Schedule D in respect of the foreign income is to be reduced by the amount of a credit equal to the lower of – ( a ) the amount of the foreign tax; or ( b ) the amount produced by – ( i ) computing the amount of the foreign income in accordance with this Law, and ( ii ) charging it to income tax at the standard rate. ( 3 ) In computing the amount of foreign income in respect of which the credit is to be given, no deduction is to be allowed in respect of foreign tax (whether in respect of the same or any other income). ( 4 ) A credit to be given under this Part must not exceed the amount of credit that would be allowed if all reasonable steps have been taken to minimise the amount of tax payable in the overseas territory under – ( a ) the laws of that territory; and ( b ) any arrangements under Article 111 made in relation to that territory. ( 5 ) For the purposes of paragraph (4) – ( a ) “reasonable steps” include – ( i ) claiming or otherwise securing the benefit of reliefs, deductions, reductions or allowances, and ( ii ) making elections for tax purposes; and ( b ) questions about what would be reasonable steps are to be determined on the basis of what might reasonably be expected to have been done in the absence of relief under this Part. ( 6 ) The total credit for foreign tax to be allowed for an individual in a year of assessment must not exceed the total income tax payable in respect of Case II of Schedule D for the year of assessment. ( 7 ) For the purposes of paragraph (6) – “ total credit ” means the total of credit under this Article and any credit to be allowed to a person for the same year of assessment under arrangements having effect under Article 111; and “ foreign tax ” includes both foreign tax for the purposes of this Article and foreign tax as defined in Article 112. ( 8 ) A claim for an allowance by way of credit under this Part may not be made later than 2 years after the end of the year of assessment, and in the event of a dispute about the amount allowable, the claim is subject to objection and appeal in the same manner as an assessment. ( 9 ) If the amount of a credit is rendered excessive or insufficient by reason of an adjustment of the amount of tax payable in Jersey or elsewhere, nothing in this Law limiting the time for the making of assessments or claims for relief applies to any assessment or claim to which the adjustment gives rise. ( 10 ) A credit under this Part is not refundable.”. Division 8 – Exemptions 18 Article 115 (miscellaneous exemptions) amended In Article 115 after sub-paragraph (r) there is inserted – “( s ) any income, profits or gains arising in the Jersey Bank Resolution Fund established under Article 22 of the Bank (Recovery and Resolution) (Jersey) Law 2017 .”. 19 Article 116 (exemption for certain friendly societies) deleted Article 116 is deleted. 20 Article 118B (exemption of certain income, profits or gains of a non-resident) amended In Article 118B – ( a ) in paragraph (1) for sub-paragraph (f) there is substituted – “( f ) emoluments other than pensions arising from an office or employment of an individual who is present in Jersey for a total of no more than 60 days in the year of assessment (“a short-term business visitor”);”; ( b ) after paragraph ( 1A ) there is inserted – “( 1B ) When calculating the number of days an individual is present in Jersey for the purposes of paragraph (1)(f), any day on which the individual is present in Jersey is included, whether for the whole or part of that day. ( 1C ) An employer that has employees who are short-term business visitors is not required to – ( a ) register under Article 19A (1) if all of the employees are short-term business visitors; or ( b ) deliver a return under Article 20 and make deductions under Article 41B in respect of employees who are short-term business visitors.”. Division 9 – Independent taxation 21 Article 3 (general provisions as to interpretation) amended In Article 3(1) – ( a ) in the definition “independently taxed civil partner” – ( i ) in sub-paragraph (c) for “Article 122DA or 122DB ” there is substituted “Article 122DA , 122DB or 122DC ”, ( ii ) after sub-paragraph (c) there is inserted – “( d ) the person or their civil partner has elected under Article 122DD to be independently taxed;”; ( b ) in the definition “independently taxed spouse” – ( i ) in sub-paragraph (c) for “Article 121C or 121D ” there is substituted “Article 121C , 121D or 121E ”, ( ii ) after sub-paragraph (c) there is inserted – “( d ) the person or their spouse has elected under Article 121F to be independently taxed;”. 22 Article 121F (election by spouses for independent taxation) inserted After Article 121E there is inserted – “ 121F Election by spouses for independent taxation ( 1 ) A person who is married may elect to be independently taxed. ( 2 ) An election is made by giving notice in writing to the Comptroller no later than 30th September of the year before the year of assessment. ( 3 ) An election has the effect that the person making it and their spouse are independently taxed spouses for the year of assessment and all subsequent years of assessment. ( 4 ) An election cannot be revoked. ( 5 ) The Comptroller must inform the person’s spouse about the election and the effect of the election.”. 23 Article 122DD (election by civil partners for independent taxation) inserted After Article 122DC there is inserted – “ 122DD Election by civil partners for independent taxation (1 ) A person who is in a civil partnership may elect to be independently taxed. ( 2 ) An election is made by giving notice in writing to the Comptroller no later than 30th September of the year before the year of assessment. ( 3 ) An election has the effect that the person making it and their civil partner are independently taxed civil partners for the year of assessment and all subsequent years of assessment. ( 4 ) An election cannot be revoked. ( 5 ) The Comptroller must inform the person’s civil partner about the election and the effect of the election.”. Division 10 – Special provisions as to pensions etc. 24 Article 130C (relevant earnings) amended In Article 130C (1) after sub-paragraph (b) there is inserted – “( c ) income that is charged under Article 51(1)(b).”. 25 Article 131CE (permitted commutation – trivial pension) amended In Article 131CE – ( a ) in paragraph (1)(c) for “£35,000” there is substituted “£50,000”; ( b ) for paragraph (3) there is substituted – “( 3 ) An approved Jersey Scheme may permit the pension holder to elect to commute the whole of the fund value if, at the time the election is made, the fund value does not exceed £15,000. ( 4 ) But the fund value of an approved Jersey Scheme may only be commuted under paragraph (3) if the pension holder is no longer an employee of the employer contributing to the approved Jersey Scheme.”. Division 11 – Expenditure on regulatory compliance activity 26 Article 3 (general provisions as to interpretation) amended In Article 3(1) after the definition “registered person” there is inserted – “ “ regulatory compliance activity ” has the meaning given in Article 3AF ;”. 27 Article 3AF (regulatory compliance activity) inserted After Article 3AE there is inserted – “ 3AF Regulatory compliance activity ( 1 ) For the purposes of this Law regulatory compliance activity is activity listed in paragraph (2) carried out by an eligible entity. ( 2 ) The activities are – ( a ) the prevention of financial crime, including combatting money laundering activity and combatting of the financing of terrorism and the proliferation of weapons of mass destruction; ( b ) the management of data and information and cyber risks and the protection of identity and privacy; ( c ) other activities required by the Jersey Financial Services Commission for risk management, fraud prevention and the good conduct of financial services; ( d ) regulatory reporting and analytics, and compliance management in relation to the activities in sub-paragraphs (a) to (c). ( 3 ) In this Article – “ eligible entity ” means an entity that – ( a ) is a financial services business, within the meaning of the Proceeds of Crime (Jersey) Law 1999 , which is registered with the Jersey Financial Services Commission; and ( b ) is a financial services company charged to tax under Article 123D of this Law; “ Jersey Financial Services Commission ” means the Jersey Financial Services Commission established under Article 2 of the Financial Services Commission (Jersey) Law 1998 .”. 28 Article 70E (deductions for expenditure on regulatory compliance activity) inserted After Article 70D there is inserted – “ 70E Deductions for expenditure on regulatory compliance activity ( 1 ) In computing the profits or gains to be charged in respect of a trade or profession under Schedule D there is allowed to be deducted as expenses an amount equal to 150% of eligible expenditure for the purposes of regulatory compliance activity. ( 2 ) For the purposes of paragraph (1) eligible expenditure is expenditure in the 2024 year of assessment and subsequent years on – ( a ) computer hardware; ( b ) software, including software subscriptions and licences; and ( c ) training that is delivered by an external provider on hardware or software.”. 29 Article 106BA (special provision as to regulatory compliance activity) inserted After Article 106B there is inserted – “ 106BA Special provision as to regulatory compliance activity ( 1 ) This Article applies to capital expenditure in the 2024 year of assessment and subsequent years on hardware or software for use in regulatory compliance activity (“eligible expenditure”). ( 2 ) But this Article does not apply if – ( a ) the expenditure has been deducted under Article 70E ; or ( b ) the hardware or software is transferred between connected persons (within the meaning of Article 3A ) and the person transferring the hardware or software acquired it before 1st January 2024. ( 3 ) If this Article applies – ( a ) hardware or software acquired for the purposes of regulatory compliance activity is treated for the purposes of this Part as if it is plant or machinery; ( b ) for “25%” in Article 106A (2), there is substituted “150%”; and ( c ) if the hardware or software is disposed of in conditions where Article 106A (5) applies, the balancing charge is determined in accordance with paragraphs (4) and (5). (4) Except where paragraph (5) applies, if hardware or software is disposed of the person that incurred the eligible expenditure is liable to a balancing charge equal to 100% of the disposal value (calculated in accordance with Article 106A (6)), for the basis period in which the disposal occurs. ( 5 ) If hardware or software if hardware or software is disposed and the person that incurred the eligible expenditure and the person to which the hardware or software is transferred are connected persons – ( a ) the disposal value is deemed to be the price that the hardware or software would fetch if sold on the open market; and ( b ) the person that incurred the eligible expenditure is liable to a balancing charge – ( i ) equal to 100% of the deemed disposal value for the basis period in which the disposal occurs if the disposal occurs 3 or more financial periods after the hardware or software is acquired, or ( ii ) equal to 150% of the deemed disposal value for the basis period in which the disposal occurs if the disposal occurs fewer than 3 financial periods after the hardware or software is acquired.”. Part 3 Customs and Excise (Jersey) Law 1999 amended 30 Amendment of the Customs and Excise (Jersey) Law 1999 This Part amends the Customs and Excise (Jersey) Law 1999 . 31 Excise duty: spirits and spirits-based drinks In paragraph 1 of Part 2 of Schedule 1 – ( a ) in sub-paragraph (a) for “£21.77” there is substituted “£22.75”; ( b ) in sub-paragraphs (b) and (c) for “£43.50” there is substituted “£45.46”. 32 Excise duty: wines For the table in paragraph 2 of Part 2 of Schedule 1 there is substituted – “Strength of wines Rate per hectolitre of wine (£) Wines exceeding 1.2% volume but not exceeding 5.5% volume 88.65 Wines exceeding 5.5% volume but not exceeding 15% volume 234.91 Wines exceeding 15% volume but not exceeding 22% volume 309.71 Rate per litre of alcohol (£) Wines exceeding 22% volume 45.46”. 33 Excise duty: beer In paragraph 3 of Part 2 of Schedule 1 – ( a ) in sub-paragraph (a) – ( i ) in clause ( i ) for “£17.67” there is substituted “£18.47”, ( ii ) in clause (ii) for “£35.32” there is substituted “£36.91”, ( iii ) in clause (iii) for “£65.74” there is substituted “£68.70”; ( b ) in sub-paragraph (b) – ( i ) in clause ( i ) for “£35.32” there is substituted “£36.91”, ( ii ) in clause (ii) for “£70.64” there is substituted “£73.82”, ( iii ) in clause (iii) for “£131.47” there is substituted “£137.39”. 34 Excise duty: cider In paragraph 4 of Part 2 of Schedule 1 – ( a ) in sub-paragraph (a) – ( i ) in clause ( i ) for “£17.67” there is substituted “£18.47”, ( ii ) in clause (ii) for “£35.32” there is substituted “£36.91”, ( iii ) in clause (iii) for “£65.74” there is substituted “£68.70”; ( b ) in sub-paragraph (b) – ( i ) in clause ( i ) for “£35.32” there is substituted “£36.91”, ( ii ) in clause (ii) for “£70.64” there is substituted “£73.82”, ( iii ) in clause (iii) for “£131.47” there is substituted “£137.39”. 35 Excise duty: other alcoholic beverages In paragraph 5 of Part 2 of Schedule 1 for “£43.50” there is substituted “£45.46”. 36 Excise duty: tobacco For the table in paragraph 6 of Part 2 of Schedule 1 there is substituted – “Type of tobacco Rate of excise duty per kilogramme (£) (a) unprocessed tobacco 616.30 (b) cigars 724.39 (c) cigarettes 807.29 (d) hand-rolling tobacco 807.29 (e) processed tobacco other than types (b) to (d) 642.23”. 37 Excise duty: hydrocarbon oil ( 1 ) In Article 1 in the definition “hydrocarbon oil” after “all liquid hydrocarbons” there is inserted “(including hydrotreated vegetable oil)”. ( 2 ) In paragraph 7 of Part 2 of Schedule 1 – ( a ) for the table in sub-paragraph (1) there is substituted – “Type of hydrocarbon oil Rate of excise duty per hectolitre (£) (a) higher octane ultra low sulphur petrol 65.83 (b) all other ultra low sulphur petrol 63.89 (c) ultra low sulphur diesel 63.89 (d) hydrotreated vegetable oil 54.89 (e) all other types of hydrocarbon oil 67.97”. ( b ) in sub-paragraph (2) after clause (c) there is inserted – “( d ) “hydrotreated vegetable oil” is oil that meets the conditions in sub-paragraph (3); and ( e ) “other types of hydrocarbon oil” includes blended oils that do not fall within clauses (a) to (d).”; ( c ) after sub-paragraph (2) there is inserted – “( 3 ) For the purposes of paragraph (2)(d) oil meets the conditions in this sub-paragraph if it – ( a ) is a liquid hydrocarbon produced from sustainable, renewable sources of – ( i ) vegetable oil, ( ii ) waste food, or ( iii ) animal processing by-products; ( b ) conforms to Standard EN 15940:2023 of the European Committee for Standardization but does not contain Fatty Acid Methyl Esters (FAME); and ( c ) carries the International Sustainability and Carbon Certification or another certification of sustainability that the Agent of the Impôts is satisfied is equivalent.”. 38 Excise duty: motor vehicles – general In paragraph 8 of Part 2 of Schedule 1 – ( a ) for sub-paragraph (3) there is substituted – “( 3 ) If more than one CO 2 mass emission figure is specified in a document described in sub-paragraph (2), the CO 2 mass emission figure established for the motor vehicle is – ( a ) the figure that was arrived at using the Worldwide Harmonised Light Vehicles Test Procedure (“ WLTP ”) as set out in the United Nations Economic Commission for Europe Global Technical Regulation No. 15, as amended from time to time; or ( b ) if no figure was arrived at using the WLTP – ( i ) the figure specified as the combined figure or, if there is more than one combined figure, the highest of them, or ( ii ) if there is no combined figure, the highest figure specified.”; ( b ) for the table in sub-paragraph (4) there is substituted – “Established CO 2 mass emission figure (g) Rate for 2024 (£) 0 0 1-50 35.00 51-75 73.00 76-100 240.00 101-125 422.00 126-150 715.00 151-175 1,367.00 176-200 4,200.00 201 or more 7,937.00”; ( c ) for the table in sub-paragraph (5) there is substituted – “Cylinder capacity of engine ( cm 3 ) Rate for 2024 (£) 0 0 1-500 35.00 501-1400 291.00 1401-1800 567.00 1801-2000 814.00 2001-2500 1,290.00 2501-3000 2,125.00 3001-3500 4,200.00 3501 or more 7,937.00”. 39 Excise duty: motor vehicles – commercial vehicles In paragraph 8A of Part 2 of Schedule 1 – ( a ) for the table in sub-paragraph (2) there is substituted – “Established CO 2 mass emission figure (g) Vehicle emissions duty for lower emission vehicle (£) Vehicle emissions duty for vehicle that is not lower emission vehicle (£) 0 0 0 1-50 0 0 51-75 0 53.66 76-100 0 160.97 101-125 53.66 268.28 126-150 160.97 429.24 151-175 268.28 804.83 176-200 429.24 1,341.38 201 or more 804.83 1,931.58”; ( b ) for the table in sub-paragraph (3) there is substituted – “Cylinder capacity of engine ( cm 3 ) Vehicle emissions duty for lower emission vehicle (£) Vehicle emissions duty for vehicle that is not lower emission vehicle (£) 0 0 0 1-500 0 0 501-1400 0 214.62 1401-1800 0 375.59 1801-2000 214.62 536.55 2001-2500 375.59 751.17 2501-3000 536.55 1,073.10 3001-3500 751.17 1,395.03 3501 or more 1,073.10 1,931.58”. 40 Excise duty: restricted speed agricultural tractors For the table in paragraph 9(2) of Part 2 of Schedule 1 there is substituted – “Table – restricted speed agricultural tractors 1 Cylinder capacity engine 2 Tractor first registered in Jersey (£) 3 Tractor first registered outside Jersey 1 year or less ago (£) 4 Tractor first registered outside Jersey more than 1 but 2 years or less ago (£) 5 Tractor first registered outside Jersey more than 2 years ago (£) 0cc 0 0 0 0 More than 0cc but not more than 1000cc 0 0 0 0 More than 1000cc but not more than 1400cc 180.90 180.90 120.60 89.94 More than 1400cc but not more than 1800cc 301.49 301.49 198.27 150.24 More than 1800cc but not more than 2000cc 456.84 456.84 295.36 229.95 More than 2000cc but not more than 2500cc 601.96 601.96 390.41 301.49 More than 2500cc but not more than 3000cc 902.43 902.43 590.72 451.73 More than 3000cc but not more than 3500cc 1,203.92 1,203.92 782.86 601.96 More than 3500cc 1,505.41 1,505.41 981.12 751.17”. Part 4 Goods and Services Tax (Jersey) Law 2007 amended 41 Amendment of the Goods and Services Tax (Jersey) Law 2007 This Part amends the Goods and Services Tax (Jersey) Law 2007 . 42 Article 23 (where goods supplied) amended In Article 23 – ( a ) in paragraph (3)(a) for “either Condition A or Condition B” there is substituted “Condition A, Condition B or Condition C”; ( b ) in paragraph ( 3B ) – ( i ) for “Condition A is also met” there is substituted “Condition B is met”, ( ii ) in sub-paragraph (a) for “Paragraph ( 3A )” there is substituted “Condition A”; ( c ) in paragraph ( 3C ) for “Condition B” there is substituted “Condition C”. 43 Article 26 (when goods supplied) amended In Article 26(3)(a) – ( a ) for “or ( 3B )” there is substituted “or Condition B in Article 23( 3B )”; ( b ) for “Condition B in Article 23( 3C )” there is substituted “Condition C in Article 23( 3C )”. 44 Schedule 1 (registration) amended In Schedule 1 – ( a ) in paragraph 1 – ( i ) in sub-paragraph (5) “(including taxable supplies of goods that are treated as supplied in Jersey under Article 23(3)(a))” is deleted, ( ii ) after sub-paragraph (5) there is inserted – “( 6 ) In sub-paragraph (5) the reference to supplies of goods or services in Jersey includes supplies of goods that are treated as supplied in Jersey under Article 23(3)(a) by virtue of meeting Condition A or Condition C, but does not include supplies of goods that are treated as supplied in Jersey under Article 23(3)(a) only by virtue of meeting Condition B.”; ( b ) in paragraph 12 – ( i ) in sub-paragraph (1) for “sub-paragraphs (2), (3) and (4)” there is substituted “sub-paragraphs (3) and (4)”, ( ii ) sub-paragraph (2) is deleted, ( iii ) in sub-paragraph (3) for “second” there is substituted “first”, ( iv ) in sub-paragraph (4) for “third” there is substituted “second”; ( c ) in paragraph 13 sub-paragraph ( 1A ) is deleted; ( d ) in paragraph 16(2), clause (a) is deleted. Part 5 Revenue Administration (Jersey) Law 2019 amended 45 Amendment of the Revenue Administration (Jersey) Law 2019 This Part amends the Revenue Administration (Jersey) Law 2019 . 46 Article 8 (general prohibition and exceptions) amended In Article 8 – ( a ) for paragraph (1) there is substituted – “( 1 ) Information obtained under or for the purposes of a Revenue Law must not be disclosed or otherwise used by any person other than for the purpose for which it was obtained unless any of the following allows it – ( a ) a provision in this Article; ( b ) an Order made under Article 8A ; ( c ) another enactment which expressly permits the disclosure or use of the information.”; ( b ) paragraphs (4) to (6) are deleted; ( c ) in paragraph (7) for “ascertaining or verifying the address of a person” there is substituted “enabling or assisting the Agent of Impôts to exercise functions under that Law”. 47 Article 8A (power to prescribe further cases or circumstances in which information may be disclosed) inserted After Article 8 there is inserted – “ 8A Power to prescribe further cases or circumstances in which information may be disclosed ( 1 ) The Minister may, by Order, prescribe cases or circumstances in which information obtained under or for the purposes of a Revenue Law may be disclosed to a public authority. ( 2 ) Before making an Order under paragraph (1) the Minister must consult the Comptroller. ( 3 ) An Order made under paragraph (1) – ( a ) must specify the authority to which the information may be disclosed and the purpose for which the information may be disclosed; ( b ) must allow the disclosure of information only to the extent that it is necessary to enable or assist that authority to exercise its functions; ( c ) must not require a public authority to disclose information; and ( d) may allow disclosure to a Minister only for the purpose of enabling or assisting the Minister to exercise that Minister’s functions under an enactment.”. Part 6 Stamp Duties and Fees (Jersey) Law 1998 amended 48 Amendment of the Stamp Duties and Fees (Jersey) Law 1998 This Part amends the Stamp Duties and Fees (Jersey) Law 1998 . 49 Article 1 (interpretation) amended In Article 1 after the definition “net value” there is inserted – “ “ relevant off-plan contract ” means a sale and purchase contract where – ( a ) the land to which the contract relates is land on which a dwelling is, or is to be, constructed; ( b ) the contract is not transferable by the purchaser to another person; ( c ) the contract contains a penalty of at least 10% of the consideration that applies if the purchaser does not complete the purchase; ( d ) the consideration agreed in the contract is at or above the notional market value, at the time the contract was signed, of the dwelling; and ( e ) the contract was signed on or after 1st January 2017;”. 50 Article 2 (stamp duty) amended In Article 2(1) for “Articles 6, 6A and 7” there is substituted “Articles 6 and 7”. 51 Article 6A (remission of stamp duty on Jersey Homebuy contracts) deleted Article 6A is deleted. 52 Schedule 1 (judicial fees) amended ( 1 ) This Article amends Schedule 1. ( 2 ) In paragraph 2 (bands relating to value in item 13) for the last 3 entries in the table there is substituted – “(viii) exceeds £2,000,000 but does not exceed £3,000,000 £74,500 in respect of the first £2,000,000 plus £7.50 for each £100 or part of £100 in excess thereof Contract Greffier (ix) exceeds £3,000,000 but does not exceed £6,000,000 £149,500 in respect of the first £3,000,000 plus £10 for each £100 or part of £100 in excess thereof Contract Greffier (x) exceeds £6,000,000 £449,500 in respect of the first £6,000,000 plus £11 for each £100 or part of £100 in excess thereof Contract Greffier ”. ( 3 ) In paragraph 2A (further bands relating to value in item 13) for entries (viii) to (x) there is substituted – “(viii) exceeds £2,000,000 but does not exceed £3,000,000 £134,500 in respect of the first £2,000,000 plus £10.50 for each £100 or part of £100 in excess thereof Contract Greffier (ix) exceeds £3,000,000 but does not exceed £6,000,000 £239,500 in respect of the first £3,000,000 plus £13 for each £100 or part of £100 in excess thereof Contract Greffier (x) exceeds £6,000,000 £629,500 in respect of the first £6,000,000 plus £14 for each £100 or part of £100 in excess thereof Contract Greffier ”. ( 4 ) In item 13 of the table in paragraph 3 – ( a ) in paragraph (a) for “paragraphs (b), (j), (k) or (t) of this item” there is substituted “paragraphs (aa), (b), ( ba ), (j), (k) or (t) of this item”; ( b ) for paragraph (b) there is substituted – “(aa) Of sale of immovable property (except as provided by paragraph ( ba ) or (t) of this item) if the contract is a relevant off-plan contract, the amount of the consideration – IN RELATION TO PROPERTY THAT IS NOT RELEVANT PROPERTY SEE TABLE IN PARAGRAPH 2 IN RELATION TO PROPERTY THAT IS RELEVANT PROPERTY SEE TABLE IN PARAGRAPH 2A Provided that in the case of a contract of exchange of immovable property the fees specified in the table in this paragraph are to be separately calculated in respect of the gross value of each property transferred. (b) Of sale of land on which a dwelling is, or is to be, constructed for occupation by the purchaser where (subject as is hereinafter provided) the gross value of the property or, if the dwelling has not been constructed, the notional gross value of the property once the dwelling has been constructed, calculated on the basis of market values obtaining at the time of the sale – ( i ) does not exceed £350,000 NIL Contract Greffier (ii) exceeds £350,000 but does not exceed £600,000 NIL in respect of the first £350,000 plus £1 for each £100 or part of £100 in excess thereof Contract Greffier (iii) exceeds £600,000 but does not exceed £700,000 the amount of stamp duty that would have been payable if paragraph (a) had applied reduced by the following formula: 8,500 – ((V- 600,000) x 8.5%) where V is the gross value of the property or, if the dwelling has not been constructed, the notional gross value of the property once the dwelling has been constructed, calculated on the basis of market values obtaining at the time of the sale Contract Greffier Provided that the fees specified in this paragraph are only to be substituted for those payable under paragraph (a) of this item if the transaction fulfils all the following conditions – (A) the purchaser requests that the stamp duty be assessed in accordance with this sub-paragraph; (B) the purchaser is a person who has Entitled status in accordance with the Control of Housing and Work (Residential and Employment Status) (Jersey) Regulations 2013 , other than by virtue of Regulation 2(1)(e) of those Regulations, or is the spouse or a civil partner of such a person and is joint transferee with that person; (C) the purchaser satisfies the designated officer that the purchaser has never owned a reversionary interest in any dwelling accommodation wherever situated nor have they ever previously been entitled to occupy such dwelling accommodation (or would have been so entitled if clause (B) applied) by virtue of having owned the accommodation, and for the purposes of this clause “owned” includes – (a) having held such accommodation on contract lease; (b) having owned such accommodation together with any other person; (c) having owned shares that confer entitlement to occupy such accommodation; and (d) any arrangement whereby such accommodation was held in the name of a nominee or trustee, or of a company owned by such nominee or trustee, for the benefit of the purchaser; (D) the consideration for the sale is not less, or not substantially less, than the gross value of the property as sold; and (E) paragraph ( ba ) does not apply. ( ba ) Of sale of land on which a dwelling is, or is to be, constructed for occupation by the purchaser if the consideration – ( i ) does not exceed £350,000 NIL Contract Greffier (ii) exceeds £350,000 but does not exceed £600,000 NIL in respect of the first £350,000 plus £1 for each £100 or part of £100 in excess thereof Contract Greffier (iii) exceeds £600,000 but does not exceed £700,000 the amount of stamp duty that would have been payable if paragraph (a) had applied reduced by the following formula: 8,500 – ((V- 600,000) x 8.5%) where V is the consideration Contract Greffier Provided that the fees specified in this paragraph are only to be substituted for those payable under paragraph (aa) of this item if the transaction fulfils all the following conditions – (A) conditions (A) to (C) of paragraph (b) are met; and (B) the contract is a relevant off-plan contract.”; ( c ) in paragraph (m) for clauses (ii) and (iii) there is substituted – “(ii) exceeds £350,000 but does not exceed £600,000 NIL in respect of the first £350,000 plus £1 for each £100 or part of £100 in excess thereof Contract Greffier (iii) exceeds £600,000 but does not exceed £700,000 the amount of stamp duty that would have been payable if paragraph (a) had applied reduced by the following formula: 8,500 – ((V- 600,000) x 8.5%) where V is the gross value of the property or, if the dwelling has not been constructed, the notional gross value of the property once the dwelling has been constructed, calculated on the basis of market values obtaining at the time of the sale Contract Greffier ”. Part 7 Taxation (Land Transactions) (Jersey) Law 2009 amended 53 Schedule (value of transaction and rate of LTT applicable) of the Taxation (Land Transactions) (Jersey) Law 2009 amended ( 1 ) This Article amends the Schedule of the Taxation (Land Transactions) (Jersey) Law 2009 . ( 2 ) In paragraph 2 – ( a ) in sub-paragraph (1) for entries (viii) to (x) in Table B there is substituted – “(viii) exceeds £2,000,000 but does not exceed £3,000,000 £74,500 in respect of the first £2,000,000 plus £7.50 for each £100 or part of £100 in excess thereof (ix) exceeds £3,000,000 but does not exceed £6,000,000 £149,500 in respect of the first £3,000,000 plus £10 for each £100 or part of £100 in excess thereof (x) exceeds £6,000,000 £449,500 in respect of the first £6,000,000 plus £11 for each £100 or part of £100 in excess thereof”; ( b ) for sub-paragraph (2) there is substituted – “( 2 ) For the purposes of sub-paragraph (1), where consideration passes in respect of a transaction described in Article 3(1)(a) or (b), the value of the transaction is – ( a ) if sub-paragraph ( 2A ) applies, the amount of the consideration; and ( b ) in any other case, the amount of the consideration or, if the gross value of the land exceeds the consideration, the gross value of the land. ( 2A ) This sub-paragraph applies where – ( a ) the land to which the transaction relates is land on which a dwelling is, or is to be, constructed; ( b ) the sale and purchase contract for the transaction is not transferable by the purchaser to another person; ( c ) the sale and purchase contract contains a penalty of at least 10% of the consideration that applies if the purchaser does not complete the purchase; ( d ) the consideration agreed in the sale and purchase contract is at or above the notional market value, at the time the contract was signed, of the dwelling; and ( e ) the sale and purchase contract was signed on or after 1st January 2017;”. ( 3 ) In paragraph 4(3) – ( a ) in clause (b) for “£450,000” there is substituted “£600,000”; ( b ) for clause (c) there is substituted – “( c ) where the value of the transaction exceeds £600,000 but does not exceed £700,000, the amount of LTT that would have been payable if paragraph (2) had applied reduced by the following formula: 8,500 – ((V – 600,000) × 8.5%) where V is the value of the transaction.”. ( 4 ) In paragraph 5(3) for the last 3 entries in the table there is substituted – “exceeds £2,000,000 but does not exceed £3,000,000 £134,500 in respect of the first £2,000,000 plus £10.50 for each £100 or part of £100 in excess thereof exceeds £3,000,000 but does not exceed £6,000,000 £239,500 in respect of the first £3,000,000 plus £13 for each £100 or part of £100 in excess thereof exceeds £6,000,000 £629,500 in respect of the first £6,000,000 plus £14 for each £100 or part of £100 in excess thereof”. Part 8 Taxation (Enveloped Property Transactions) (Jersey) Law 2022 amended 54 Amendment of the Taxation (Enveloped Property Transactions) (Jersey) Law 2022 This Part amends the Taxation (Enveloped Property Transactions) (Jersey) Law 2022 . 55 Schedule 1 (excluded transactions) amended In paragraph 8(a) of Schedule 1 for “; or” there is substituted “; and”. 56 Schedule 2 (calculation of variable element of tax) amended In Schedule 2 for the last 3 entries in Table B there is substituted – “Exceeding £2,000,000 but not exceeding £3,000,000 £74,500 in respect of the first £2,000,000 plus £7.50 for each £100 or part of £100 in excess of that £134,500 in respect of the first £2,000,000 plus £10.50 for each £100 or part of £100 in excess of that Exceeding £3,000,000 but not exceeding £6,000,000 £149,500 in respect of the first £3,000,000 plus £10 for each £100 or part of £100 in excess of that £239,500 in respect of the first £3,000,000 plus £13 for each £100 or part of £100 in excess of that Exceeding £6,000,000 £449,500 in respect of the first £6,000,000 plus £11 for each £100 or part of £100 in excess of that £629,500 in respect of the first £6,000,000 plus £14 for each £100 or part of £100 in excess of that”. Part 9 Consequential amendments 57 Social Security (Collection of Class 1 and Class 2 Contributions) (Jersey) Order 2013 amended In Article 11(7) of the Social Security (Collection of Class 1 and Class 2 Contributions) (Jersey) Order 2013 for “2 days” there is substituted “7 days”. Part 10 Citation and commencement 58 Citation and commencement This Law may be cited as the Finance (2024 Budget) (Jersey) Law 2024 and comes into force on 1st January 2024.