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WRITTEN QUESTION TO THE MINISTER FOR TREASURY AND RESOURCES BY DEPUTY S.Y. MÉZEC OF ST. HELIER
ANSWER TO BE TABLED ON TUESDAY 12th APRIL 2016
Question
How much has been collected in Corporation Tax each year since the introduction of zero-ten?
Could the Minister provide a breakdown for each year since its introduction of the total number of registered companies and how many of them were in each band of corporation tax (i.e. how many were paying 0%, 10% and 20%)?
Answer
Table: Analysis of corporate income tax paid for Years of Assessment 2009 to 2013. Data for 2014 Year of Assessment (received in 2015) is subject to audit and is not included.
| 2009 | 2010 | 2011 | 2012 | 2013 |
Number of companies registered with the Jersey Financial Services Commission (as at 31 December) | 33,074 | 32,722 | 32,508 | 32,503 | 32,479 |
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Number of 0% companies that paid no tax | 30,601 | 30,361 | 30,198 | 30,265 | 30,232 |
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Number of 0% companies that paid tax on specific sources of income (income from Jersey property, quarrying in Jersey or from the import and/or supply of hydrocarbon oil) | 1,425 | 1,406 | 1,333 | 1,300 | 1,299 |
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Total 0% Companies | 32,026 | 31,767 | 31,531 | 31,565 | 31,531 |
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Number of 10% Financial Services Companies | 888 | 865 | 894 | 920 | 929 |
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Number of 20% Utility Companies | 17 | 17 | 19 | 18 | 19 |
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Number of International Business Companies (the International Business Company Regime ceased with effect from 1 January 2012) | 143 | 73 | 64 | 0 | 0 |
| £ | £ | £ | £ | £ |
Tax paid by 0% companies | 21,915,857 | 22,167,072 | 18,749,485 | 19,208,841 | 18,113,554 |
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Tax paid by 10% Financial Services Companies | 41,309,147 | 37,348,704 | 47,370,971 | 65,936,728 | 61,584,809 |
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Tax paid by 20% Utility Companies | 3,058,447 | 5,056,365 | 4,501,010 | 3,460,942 | 2,704,616 |
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Tax paid by International Business Companies | 15,454,876 | 11,789,259 | 8,747,720 | 0 | 0 |
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Total tax paid | 81,738,327 | 76,361,400 | 79,369,186 | 88,606,511 | 82,402,979 |
Note 1: The zero-ten regime was introduced in 2008 only for companies registered on or after 3 June in that year. It was not until the 2009 year of assessment that all companies were included.
Note 2: Data extracted from the Taxes Office Systems on 6 April 2016 Note 3: The tax figures shown are by year of assessment in each case.
Note 4: An International Business Company was a Jersey company - or Jersey branch of an overseas company – wholly owned by non-residents carrying on overseas activities. There was a fixed annual fee for access to the regime with varying rates of taxation for domestic and overseas profits. The regime was closed to new entrants from 2005 and ended, after a transitional period, in 2011.