AI-assisted research summary: This amendment inserts a rule treating limited liability partnerships’ trading activities as carried on by the partners for income tax purposes, and requires a designated partner to provide a statement when notified.
Income Tax (Amendment No. 42) (Jersey) Law 2013 Arrangement Article 1 Income Tax (Jersey) Law 1961 amended . 3 2 Citation . 4 Income Tax (Amendment No. 42) (Jersey) Law 2013 A LAW to amend further the Income Tax (Jersey) Law 1961. Adopted by the States 16th January 2013 Sanctioned by Order of Her Majesty in Council 13th March 2013 Registered by the Royal Court 22nd March 2013 THE STATES , subject to the sanction of Her Most Excellent Majesty in Council, have adopted the following Law – 1 Income Tax (Jersey) Law 1961 amended After Article 76C of the Income Tax (Jersey) Law 1961 [1] there shall be inserted the following Article – “76D Limited liability partnerships (1) For the purposes of this Law, a trade, profession, business or vocation carried on by a limited liability partnership with a view to profit or gain shall be treated as carried on in partnership by its partners, and not by the limited liability partnership as such. (2) Accordingly, the property of the limited liability partnership shall be treated for those purposes as partnership property of the partners, and not as property of the limited liability 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 limited liability partnership. (4) Paragraph (3) shall not apply to the profits or gains derived from international activities of a partner in a limited liability partnership who is not resident in Jersey. (5) Articles 74 and 76 shall not apply to a partner in a limited liability partnership. (6) Articles 86 and 87 shall not apply where a payment referred to in those Articles is made by or through a limited liability partnership. (7) Where a partner in a limited liability partnership is – (a) resident in Jersey; or (b) non-resident in Jersey and entitled to profits or gains not excluded from charge by paragraph (4), the designated partner or, if there is more than one designated partner, the designated partner who is first identified as such in the declaration shall, when required to do so by any general notice or by notice served on the designated partner by the Comptroller, prepare and deliver a statement of those profits or gains arising to the said partners from the activities of the limited liability partnership. (8) In this Article – ‘declaration’, ‘designated partner’, ‘limited liability partnership’, and ‘partner’ have the same meanings as they have in the Limited Liability Partnerships (Jersey) Law 1997 [2] ; ‘profits or gains’ does not include profits or gains of a capital nature.”. 2 Citation This Law may be cited as the Income Tax (Amendment No. 42) (Jersey) Law 2013. a.h. harris Deputy Greffier of the States [1] chapter 24.750 [2] chapter 13.475
Referenced legislation
- Income Tax (Jersey) Law 1961 (unresolved)
- Limited Liability Partnerships (Jersey) Law 1997 (resolved)
- Income Tax (Jersey) Law 1961 (unresolved)