Income Tax (Amendment No. 35) (Jersey) Law 2011

Income Tax (Amendment No. 35) (Jersey) Law 2011 A LAW to amend further the Income Tax (Jersey) Law 1961. Adopted by the States 20th July 2010 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 76B inserted After Article 76A of the principal Law, there shall be inserted the following Article – “76B Incorporated limited partnerships (1) For the purposes of this Law, a trade, profession, business or vocation carried on by an incorporated limited partnership with a view to profit or gain shall be treated as carried on in partnership by its partners, and not by the incorporated limited partnership as such. (2) Accordingly, the property of the incorporated limited partnership shall be treated for those purposes as partnership property of the partners, and not as property of the incorporated limited partnership. (3) Subject to the provisions of this Article, the provisions of this Law apply to the profits or gains of a partner in an incorporated limited partnership. (4) Paragraph (3) shall not apply to the profits or gains derived from international activities of a partner in an incorporated limited partnership who is not resident in Jersey. (5) Articles 74 and 76 shall not apply to a partner in an incorporated limited partnership. (6) Articles 86 and 87 shall not apply in a case where the general partner of an incorporated limited partnership responsible for making the annual payment referred to in those Articles is not resident in Jersey or is a company which, pursuant to Article 123B of this Law, has made application and been charged to tax as an international business company. (7) Where a partner in an incorporated limited partnership is resident in Jersey, or is non-resident in Jersey and entitled to profits or gains not excluded from charge by paragraph (4), the general partner or, if there is more than one general partner, the general partner who is first named in the partnership agreement shall, when required to do so by any general notice or by notice served on the general partner by the Comptroller, prepare and deliver a statement of those profits or gains arising to the said partners from the activities of the incorporated limited partnership. (8) In this Article – ‘incorporated limited partnership’, ‘general partner’, ‘limited partner’, ‘partner’ and ‘partnership agreement’ have the same meanings as they have in the Incorporated Limited Partnerships (Jersey) Law 201- [2] ; ‘international activities’ has the same meaning as in Article 123B of this Law; ‘profits or gains’ does not include profits or gains of a capital nature.”. 3 New Article 76C inserted In the principal Law, b efore the cross-heading “ Case II ” that immediately precedes Article 77, there shall be inserted the following Article – “76C Separate limited partnerships (1) For the purposes of this Law, a trade, profession, business or vocation carried on by a separate limited partnership with a view to profit or gain shall be treated as carried on in partnership by its partners, and not by the separate limited partnership as such. (2) Accordingly, the property of the separate limited partnership shall be treated for those purposes as partnership property of the partners, and not as property of the separate limited partnership. (3) Subject to the provisions of this Article, the provisions of this Law apply to the profits or gains of a partner in a separate limited partnership. (4) Paragraph (3) shall not apply to the profits or gains derived from international activities of a partner in a separate limited partnership who is not resident in Jersey. (5) Articles 74 and 76 shall not apply to a partner in a separate limited partnership. (6) Articles 86 and 87 shall not apply in a case where the general partner of a separate limited partnership responsible for making the annual payment referred to in those Articles is not resident in Jersey or is a company which, pursuant to Article 123B of this Law, has made application and been charged to tax as an international business company. (7) Where a partner in a separate limited partnership is resident in Jersey, or is non-resident in Jersey and entitled to profits or gains not excluded from charge by paragraph (4), the general partner or, if there is more than one general partner, the general partner who is first named in the partnership agreement shall, when required to do so by any general notice or by notice served on the general partner by the Comptroller, prepare and deliver a statement of those profits or gains arising to the said partners from the activities of the separate limited partnership. (8) In this Article – ‘separate limited partnership’, ‘general partner’, ‘limited partner’, ‘partner’ and ‘partnership agreement’ have the same meanings as they have in the Separate Limited Partnerships (Jersey) Law 201- [3] ; ‘international activities’ has the same meaning as in Article 123B of this Law; ‘profits or gains’ does not include profits or gains of a capital nature.”. 4 Citation and commencement (1) This Law may be cited as the Income Tax (Amendment No. 35) (Jersey) Law (Jersey) Law 2011. (2) Article 2 shall come into force on the same day as Article 40 of the Incorporated Limited Partnerships (Jersey) Law 201- [4] . (3) Article 3 shall come into force on the same day as Article 47 of the Separate Limited Partnerships (Jersey) Law 201- [5] . a.h. harris Deputy Greffier of the States [1] chapter 24.750 [2] Law currently awaiting Privy Council sanction [3] Law currently awaiting Privy Council sanction [4] Law currently awaiting Privy Council sanction [5] Law currently awaiting Privy Council sanction