Income Tax (Amendment No. 33) (Jersey) Law 2011

Income Tax (Amendment No. 33) (Jersey) Law 2011 Arrangement Article 1 Interpretation . 3 2 New Article 62C .. 3 3 New Article 70B .. 3 4 Article 115 amended . 4 5 Years of assessment for which this Law has effect 4 6 Citation . 4 Income Tax (Amendment No. 33) (Jersey) Law 2011 A LAW to amend further the Income Tax (Jersey) Law 1961. Adopted by the States 6th November 2009 Sanctioned by Order of Her Majesty in Council 9th February 2011 Registered by the Royal Court 25th February 2011 THE STATES , subject to the sanction of Her Most Excellent Majesty in Council, have adopted the following Law – 1 Interpretation In this Law “principal Law” means the Income Tax (Jersey) Law 1961 [1] . 2 New Article 62C After Article 62B of the principal Law there is inserted the following Article – “62C Application of Schedule D to the repayments of a levy made to the Jersey Bank Depositors Compensation Board Tax shall be charged under Schedule D in respect of the repayment or the partial repayment to a bank of a levy paid by the bank to the Jersey Bank Depositors Compensation Board established by the Banking Business (Depositors Compensation) (Jersey) Regulations 2009 [2] as if the repayment or the partial repayment were a trading receipt of the bank in the year in which it is made.”. 3 New Article 70B After Article 70A of the principal Law there is inserted the following Article – “70B Deduction on account of a levy paid to the Jersey Bank Depositors Compensation Board Notwithstanding Article 70, in computing the profits or gains to be charged in respect of a trade or profession under Schedule D there shall be allowed to be deducted by a bank as expenses in any year an amount equal to any levy paid by the bank in that year to the Jersey Bank Depositors Compensation Board established by the Banking Business (Depositors Compensation) (Jersey) Regulations 2009.”. 4 Article 115 amended Article 115 of the principal Law is amended by adding after paragraph (o) the following paragraphs – “(p) any income derived by the Jersey Bank Depositors Compensation Board established by the Banking Business (Depositors Compensation) (Jersey) Regulations 2009; (q) any compensation paid under the Banking Business (Depositors Compensation) (Jersey) Regulations 2009 to a depositor with a bank.”. 5 Years of assessment for which this Law has effect This Law has effect for the year of assessment 2009 and ensuing years. 6 Citation This Law may be cited as the Income Tax (Amendment No. 33) (Jersey) Law 2011. L-M. hart Assistant Greffier of the States [1] chapter 24.750 [2] chapter 13.075.30