Income Tax (Amendment No. 25) (Jersey) Law 2006

Income Tax (Amendment No. 25) (Jersey) Law 2006 Arrangement Article Part 1 121 Preliminary 121 1 Interpretation . 121 PART 2 121 International Business Companies 121 2 Article 123B amended . 121 Part 3 122 Non-residents’ pensions 122 3 Article 115 amended . 122 4 Article 131C amended . 122 5 Schedule 5 amended . 122 6 Commencement of Part 3 . 123 PART 4 123 Income Tax Instalment System 123 7 Article 41C amended . 123 8 Article 42 amended . 123 PART 5 123 Late filing penalty and late payment surcharge 123 9 Article 17A amended . 123 10 Article 41I amended . 124 11 Schedule 5 amended . 124 12 Commencement of Part 5 . 124 Part 6 124 Appointment and removal of Comptroller 124 13 Article 6 amended . 124 14 Article 7 amended . 124 15 Commencement of Part 6 . 124 Part 7 125 Closing 125 16 Citation . 125 Income Tax (Amendment No. 25) (Jersey) Law 2006 A LAW to amend further the Income Tax (Jersey) Law 1961 Adopted by the States 1st December 2005 Sanctioned by Order of Her Majesty in Council 7th June 2006 Registered by the Royal Court 23rd June 2006 THE STATES , subject to the sanction of Her Most Excellent Majesty in Council, have adopted the following Law – Part 1 Preliminary 1 Interpretation In this Law “principal Law” means the Income Tax (Jersey) Law 1961. [1] PART 2 International Business Companies 2 Article 123B amended (1) In Article 123B(5) of the principal Law after sub-paragraph (a) there shall be inserted the following sub-paragraph – “(aa) becomes resident in Jersey (or, in the case of the branch of a non-resident company, commences trading) on or after 1st January 2006;”. (2) This Article shall have effect for the year of assessment 2006 and ensuing years. Part 3 Non-residents’ pensions 3 Article 115 amended After Article 115(fa) of the Law there shall be inserted the following paragraph – “(faa) any income derived from investments or deposits of a contract approved under Article 131C(1)(b);”. 4 Article 131C amended (1) For Article 131C(1) of the Law there shall be substituted the following paragraph – “(1) The Comptroller may approve a retirement annuity contract made by an individual who is not resident in Jersey and whose employment, trade or profession, if any, is exercised outside Jersey – (a) if the contract is with a company carrying on business through a branch in Jersey, and carrying on in Jersey the business of granting annuities on human life; or (b) if the contract has for its sole purpose the provision of retirement benefits for the individual and is made under an irrevocable trust established under the law of Jersey and administered in Jersey.”. (2) At the end of Article 131C of the Law there shall be inserted the following paragraphs – “(5) Any person who is aggrieved by a condition imposed by the Comptroller on, or by the refusal by the Comptroller of the Comptroller’s approval of, a contract under this Article shall be entitled to appeal to the Commissioners on giving the Comptroller notice in writing, stating the grounds of appeal, within 21 days of the date of the Comptroller’s decision. (6) The provisions of Part 6 shall apply in the case of an appeal under paragraph (5) as they apply in the case of an appeal from an assessment made by the Comptroller, with such adaptations as may be necessary.”. 5 Schedule 5 amended After paragraph 3 of Schedule 5 to the principal Law there shall be added the following paragraph – “4 Income Tax (Amendment No. 25) (Jersey) Law 2006: saving provision for Article 131C A retirement annuity contract that was, immediately before the amendment of Article 131C by the Income Tax (Amendment No. 25) (Jersey) Law 2006, the subject of an approval under paragraph (1) of that Article shall be taken to have been approved by the Comptroller under Article 131C(1)(a) as in force immediately after that amendment, but nothing in this paragraph shall prevent the withdrawal of that approval in accordance with this Law nor affect any condition to which that approval was subject immediately before that amendment.”. 6 Commencement of Part 3 This Part shall have effect for the year of assessment 2006 and ensuing years. PART 4 Income Tax Instalment System 7 Article 41C amended In Article 41C(4) of the principal Law after the words “the employee” there shall be inserted the words “and the employee’s employer,”. 8 Article 42 amended In Article 42 of the principal Law – (a) in paragraph (1) the words “, either in term or in vacation,” shall be deleted; (b) after paragraph (1) the following paragraphs shall be inserted – “(1A) Notwithstanding paragraph (1), proceedings for the recovery of an instalment of income tax due under Article 41A may be instituted by the Treasurer of the States at any time after the amount of the instalment has been finally determined in accordance with that Article. (1B) Proceedings for the recovery of monies due under Article 41B(5) or 41E(5) may be instituted by the Treasurer of the States at any time after the monies fall due.”. PART 5 Late filing penalty and late payment surcharge 9 Article 17A amended In Article 17A of the principal Law, paragraph (13) shall be repealed. 10 Article 41I amended In Article 41I of the principal Law, paragraph (9) shall be repealed. 11 Schedule 5 amended (1) For the heading to Schedule 5 there shall be substituted the heading “Savings, transitional and similar provisions: general”. (2) In Schedule 5, after paragraph 2 there shall be inserted the following paragraph – “2A Income Tax (Amendment No. 24) (Jersey) Law 2005: partial release of liability under Article 26 Notwithstanding Article 17(2) of the Interpretation (Jersey) Law 1954, [2] any liability incurred by a person under Article 26 in respect of the years of assessment 1998 and 1999 and remaining outstanding when this paragraph comes into force shall be determined as if, in paragraph (1) of that Article, as it had effect in relation to those years, the words “and the anniversary of that day in all ensuing years” were omitted.”. 12 Commencement of Part 5 This Part shall come into force on 1st January 2006. Part 6 Appointment and removal of Comptroller 13 Article 6 amended In Article 6 of the principal Law, paragraph (2) shall be repealed. 14 Article 7 amended Article 7 of the principal Law shall be repealed. 15 Commencement of Part 6 This Part shall come into force 7 days after this Law is registered. Part 7 Closing 16 Citation This Law may be cited as the Income Tax (Amendment No. 25) (Jersey) Law 2006. M.N. DE LA HAYE Greffier of the States [1] chapter 24.750 [2] chapter 15.360