Income
Tax (High Value Residents – Amendment) (Jersey) Law 2023
Adopted
by the States 4th July 2023
Sanctioned
by Order of His Majesty in Council 11th October 2023
Registered by the Royal Court 20th October 2023
Coming into force 14th July 2023
THE STATES, subject to the sanction of His Most
Excellent Majesty in Council, have adopted the following Law –
1 Income Tax (Jersey) Law
1961 amended
(1) This
Article amends Article 135A (Persons granted 1(1)(k) housing consent or
Entitled status under Regulation 2(1)(e)) of the Income Tax
(Jersey) Law 1961.
(2) In
paragraph (2A) –
(a) for sub-paragraph (a)
there is substituted –
“(a) the Regulation 2(1)(e)
status is granted on or after 1st January 2018 and before 14th July 2023, and
the person to whom it is granted has become a person on whom tax is chargeable
under this Law on or before 31st December 2023;”;
(b) in sub-paragraph (b)(ii)
after “1st January 2019” there is inserted “and on or before 31st December
2023”.
(3) After
paragraph (2B) there is inserted –
“(2C) Paragraph (3B)
applies where –
(a) the Regulation 2(1)(e)
status is granted on or after 14th July 2023; or
(b) the Regulation 2(1)(e)
status is granted before 14th July 2023, and the person to whom it is granted –
(i) is not, at that date, but
(ii) becomes, on or after 1st
January 2024,
a person on whom tax is chargeable under this Law.”.
(4) After
paragraph (3A) there is inserted –
“(3B) Where
this paragraph applies –
(a) if, for a year of
assessment, so much of the high value resident’s income as is chargeable to tax
under Schedule D exceeds the prescribed limit for that year of assessment,
the amount of that excess is (despite the rate of tax required by Article 1
to be charged for that year of assessment) charged to tax at the prescribed
rate; but
(b) if, for a year of
assessment, the aggregate of a high value resident’s income chargeable to tax
under Schedule A and Schedule D (the “actual income”) does not exceed
the prescribed limit for that year of assessment –
(i) the high value resident is deemed to have
received such further amount of income chargeable to tax under Schedule D
(the “deemed income”) as would (without deduction of any allowances, exemptions
or reliefs due under this Law to that person) in addition to the resident’s
actual income, be equal to that prescribed limit, and
(ii) the aggregate amount of
the actual income and the deemed income is charged to tax at the rate required
by Article 1 to be charged for that year of assessment.”.
(5) In
paragraph (4) for “and (3A)(a)” there is substituted “, (3A)(a) and
(3B)(a)”.
(6) In
paragraph (12) –
(a) for “paragraphs (3), (3A)
and (5)” there is substituted “paragraphs (3), (3A), (3B) and (5)”;
(b) in sub-paragraph (a)
for “and (3A)” there is substituted “, (3A) and (3B)”.
2 Income Tax (Prescribed
Limit and Rate) (Jersey) Regulations 2013 amended
(1) This
Article amends the Income Tax
(Prescribed Limit and Rate) (Jersey) Regulations 2013.
(2) In
Regulation 2 after paragraph (3A) there is inserted –
“(3B) The
limit prescribed for the purposes of Article 135A(3B)(a) and (b) is £1,250,000.”.
(3) In
Regulation 3(1) for “and (3A)(a)” there is substituted “, (3A)(a) and (3B)(a)”.
3 Citation and commencement
This Law may be cited as
the Income Tax (High Value Residents – Amendment) (Jersey) Law 2023 and comes
into force on 14th July 2023.