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WRITTEN QUESTION TO THE MINISTER FOR TREASURY AND RESOURCES BY DEPUTY T.M. PITMAN OF ST. HELIER
ANSWER TO BE TABLED ON TUESDAY 23rd MARCH 2010
Question
"At present those 1(1)(k) residents granted such status after 1st January 2005 are taxed at the following rates:
• The first £1m of foreign income at 20%
• The next £500,000 of foreign income at 10%
• The balance of foreign income at 1%
• All Jersey source income at 20%
The Minister has further advised the Assembly recently that the taxation percentage of all 1(1)(k) residents can be legally increased/enhanced. This being accepted, will the Minister advise what increase in tax revenues could be expected if all 1(1)(k) residents were to be taxed instead at:
• t h e increased rates of 25%, 12.5%, 2% and 25% respectively; or (b) alternatively by a straight- forward 1% increase in all four categories?"
Answer
In my written answer to the Deputy on 23rd February, 2010, I stated 1(1)(k)'s may pay all their tax liability personally, or it may be split between their personal liability and that of their companies and / or trusts..'.
It is not possible to give an answer to this question because the Deputy only refers to the personal income tax rates which 1(1)k)'s are liable to in a personal capacity.