Goods and Services
Tax (International Services Entities) (Jersey) Regulations 2008
1 Interpretation
In these Regulations –
“AIF services business”
has the meaning given by Article 1(1) of the Financial Services (Jersey) Law 1998;
“alternative investment fund”
means a scheme or arrangement which is an AIF within the meaning given by
Regulation 3 of the Alternative Investment Funds
(Jersey) Regulations 2012;
“collective investment fund”
means –
(a) a
collective investment fund within the meaning of the Collective Investment Funds (Jersey)
Law 1988; or
(b) an
unregulated fund within the meaning of the Collective Investment Funds (Unregulated Funds)
(Jersey) Order 2008;
“the Law” means
the Goods and Services Tax
(Jersey) Law 2007;
“managed entity”
means a person who –
(a) is
registered to carry on fund services business under the Financial Services (Jersey) Law 1998 because the person falls
within the classes of person specified in Article 2(10)(a) of that Law;
and
(b) is
managed under a service contract by a person registered to carry on fund
services business under that Law because the person falls within any of the
classes specified in Article 2(10) of that Law;
“managed manager”
means a person who –
(a) holds
a permit under the Collective Investment Funds (Jersey)
Law 1988 as a functionary falling within Group 2 of Part 2 of the
Schedule to that Law; and
(b) is
managed under a service contract by a functionary holding a permit under that
Law.[1]
2 Prescribed
requirement: Article 57(1) of Law
(1) For the purposes of
Article 57(1)(b) of the Law, the prescribed requirement in relation to a
supply of goods or services to an international services entity shall be that
the supply –
(a) shall
not, if it is a supply of goods, be for onward re-supply –
(i) of
the goods in the same state as they existed in when supplied to the entity, and
(ii) to,
for the purposes of, or for the benefit of, a person who belongs in Jersey; and
(b) if it
were (but for the operation of Article 57 of the Law) a taxable supply,
would not be a taxable supply –
(i) to
which special provision under Article 43(1) of the Law applied, and
(ii) having
a value (within the meaning of Part 9 of the Law) of less than
£1,000.
(2) If a supply of goods is
made to, for the purposes of, or for the benefit of, a person who is an
individual, and the supply is received otherwise than for the purposes of any
business carried on by the person, the person shall be treated for the purposes
of paragraph (1)(a)(ii) as belonging in Jersey if the person has his or
her usual place of residence there.
(3) If a supply of goods is
made to, for the purposes of, or for the benefit of, a person who is not an
individual, or the supply is received for the purposes of a business carried on
by the person, the person shall be treated for the purposes of paragraph (1)(a)(ii)
as belonging in Jersey if –
(a) the
person has an establishment there and no fixed establishment elsewhere in the
world;
(b) the
person has no establishment anywhere in the world but the person’s usual
place of residence is in Jersey; or
(c) the
person has establishments both in Jersey and elsewhere in the world and the
person’s establishment at which, or for the purposes of which, the goods
supplied to the person are most directly used or to be used is in Jersey.
3 Fee
for listing of ISE: Article 59 of Law
(1) For the purposes of
Article 59(1)(c) of the Law, the fee prescribed for an application for
entering the name of an entity on a list kept by the Comptroller is the
aggregate of such of the amounts set out in Regulation 4 as apply to the
entity.[2]
(2) For the purposes of
Article 59(2)(b) of the Law, the sum prescribed in respect of an entity
shall be a sum –
(a) payable
on or before such date as the Comptroller specifies by direction;
(b) payable
in respect of any year or part of a year (other than the first year or part of
the first year) in which an entry of the name of the entity has effect; and
(c) calculated
as equivalent to the fee that would apply under paragraph (1) if
application were being made on that date for entering the name of that entity
on the list.
4 Basis
of fee
(1) For the purposes of
Regulation 3, the amounts are as follows –
(a) in
the case of an entity that is registered under the Financial Services (Jersey) Law 1998 in respect of trust company
business –
(i) the
sum of –
(A) £13,100
in respect of each such registration of the entity as an affiliation leader or
as a non-affiliated person, and
(B) £300
multiplied by the number of vehicles administered by the entity in its capacity
as an affiliation leader or non-affiliated person,
(ii) the
sum of –
(A) £300
in respect of each such registration of the entity as a participating member of
an affiliation where the fee prescribed under clause (i)(A)
in respect of the entry of the name of the affiliation leader on a list for the
purposes of Article 59 of the Law has been paid in respect of the same
period and the same affiliation, and
(B) £300
multiplied by the number of vehicles administered by the entity in its capacity
as a participating member, or
(iii) the
sum of –
(A) £13,100
in respect of each such registration of the entity as a participating member of
an affiliation where the fee prescribed under clause (i)(A)
in respect of the entry of the name of the affiliation leader on a list for the
purposes of Article 59 of the Law has not been paid in respect of the same
period and the same affiliation, and
(B) £300
multiplied by the number of vehicles administered by the entity in its capacity
as a participating member;
(b) in
the case of an entity that is registered under the Banking Business (Jersey) Law 1991 in respect of deposit-taking
business, £78,300 in respect of each such registration of the entity;
(c) in
the case of an entity that holds a permit under the Collective Investment Funds (Jersey)
Law 1988, is not a collective investment fund and does not hold the permit
as a managed manager, one amount of £4,700, however many permits the
entity holds under that Law otherwise than as a managed manager;
(ca) in the case of an
entity that holds a permit as manager under the Collective Investment Funds (Jersey)
Law 1988, is not a collective investment fund, and holds the permit as a
managed manager but is not also a permit holder as –
(i) an
administrator,
(ii) a
registrar, or
(iii) a
custodian,
one amount of £4,700, however many other permits the entity
holds under that Law as a managed manager;
(d) in
the case of an entity that holds a permit under the Collective Investment Funds (Jersey)
Law 1988, is not a collective investment fund but holds the permit as a
managed manager, one amount of £950, however many permits the entity
holds under that Law as a managed manager, but a fee is not payable if a fee is
paid under sub-paragraph (ca);
(da) in the case of an
entity that is registered under the Financial Services (Jersey) Law 1998 in respect of AIF services
business, one amount of £4,700;
(e) in
the case of an entity that is registered under the Financial Services (Jersey) Law 1998 to carry on fund services
business in relation to one or more unclassified funds within the meaning of
that Law, and is not so registered as a managed entity, one amount of £4,700,
however many unclassified funds there are in relation to which the entity is so
registered to carry on fund services business otherwise than as a managed entity;
(f) in
the case of an entity that is registered under the Financial Services (Jersey) Law 1998 to carry on fund services
business in relation to one or more unclassified funds within the meaning of
that Law, and is so registered as a managed entity, one amount of £950,
however many unclassified funds there are in relation to which the entity is so
registered to carry on fund services business as a managed entity, but a fee is
not payable if a fee is paid under sub-paragraph (fa);
(fa) in the case
of an entity that is registered under the Financial Services (Jersey) Law 1998 to carry on fund services
business as a manager in relation to one or more unclassified funds within the
meaning of that Law, and is so registered as a managed entity but is not also
registered as –
(i) an
administrator,
(ii) a
registrar, or
(iii) a
custodian,
one amount of £4,700, however many unclassified funds there
are in relation to which the entity is so registered to carry on fund services
business as a manager;
(g) in
the case of an entity that is a body corporate or partnership, limited
partnership, limited liability partnership or limited liability company, but is
not –
(i) an
affiliation leader, non-affiliated person or participating member referred to
in sub-paragraph (a),
(ii) an
entity to which any of sub-paragraphs (b) to (fa) applies, or
(iii) a
vehicle in respect of which a fee has been calculated under sub-paragraph (a)(i)(B), (ii)(B) or (iii)(B),
an amount of £750;
(h) in
the case of an entity that is a trustee, but is not –
(i) an
affiliation leader, non-affiliated person or participating member referred to
in sub-paragraph (a), or
(ii) an
entity to which any of sub-paragraphs (b) to (fa) applies,
a nil amount;
(i) in
the case of an entity that is an alternative investment fund or a collective investment
fund, but is not –
(i) an
affiliation leader, non-affiliated person or participating member referred to
in sub-paragraph (a), or
(ii) a
vehicle in respect of which a fee has been calculated under sub-paragraph (a)(i)(B), (ii)(B) or (iii)(B),
one amount of £300, notwithstanding that the entity in
question may be both an alternative investment fund and a collective investment
fund;
(j) in
the case of an entity that is an Anstalt, Stiftung or
foundation, or a thing prescribed or specified under Article 60(1)(h) of
the Law, but is not –
(i) an
affiliation leader, non-affiliated person or participating member referred to
in sub-paragraph (a), or
(ii) a
vehicle in respect of which a fee has been calculated under sub-paragraph (a)(i)(B), (ii)(B) or (iii)(B),
an amount of £750.[3]
(2) In this
Regulation –
(a) the
expressions “affiliation”, “affiliation leader”,
“non-affiliated person” and “participating member” have
the same meanings as those expressions in the Financial Services (Trust Company
Business (Registration and Fees)) (Jersey) Order 2003;
(b) a
reference in paragraph (1)(a) to an entity’s administering a vehicle
is a reference to the entity’s providing in relation to the vehicle any
of the services specified in Article 2(4) of the Financial Services (Jersey) Law 1998;
(ba) a reference to an
administrator, a manager, a registrar or a custodian –
(i) in
sub-paragraph (ca), is to such a person as so called in, and for the
purposes of, Part 2 of the Schedule to the Collective Investment Funds (Jersey)
Law 1988, and
(ii) in
sub-paragraph (fa), is to such a person as so called in, and for the
purposes of, Article 2(10) of the Financial Services (Jersey) Law 1998;
(c) a
reference to a vehicle is a reference to an entity that meets the requirements
of Article 60 of the Law, whether or not it is an
international services entity;
(d) a
reference to a vehicle does not include a trustee;
(e) a
reference in paragraph (1)(a)(i)(B), (ii)(B) or
(iii)(B) to a vehicle administered by an entity does not include a
vehicle –
(i) that
is administered by another entity referred to in the same provision or in
another of those provisions, being an entity within the same affiliation, and
(ii) in
respect of which a fee has already been calculated under any of those
provisions and paid;
(f) a
reference in paragraph (1)(a)(i)(B), (ii)(B) or
(iii)(B) to a vehicle does not include an entity in respect of which a fee has
already been calculated under paragraph (1)(g), (i)
or (j) and paid.[4]
5 [5]
6 [6]
7 Other
types of ISE: Article 60(1)(h) of Law[7]
The following are
prescribed for the purposes of Article 60(1)(h) of the Law –
(a) a
person registered under the Financial
Services (Jersey) Law 1998 to
carry on trust company business or fund services business;
(b) a
person registered under the Banking
Business (Jersey) Law 1991 to
carry on deposit-taking business;
(c) a
person (other than a collective investment fund) who holds a permit as a
functionary within the meaning of the Collective
Investment Funds (Jersey) Law 1988.
(d) an AIF services business.
8 Relief
on supplies valued at less than £1,000: Article 56 of Law
The Comptroller shall
refund to an entity that meets the requirements of Article 60 of the Law
the GST that is chargeable on any supplies to it of goods or services if all of the following conditions are satisfied in relation to
the entity, the supplies and the goods or services –
(a) in
the case of the supply of –
(i) goods,
the goods are to be used or held for the purpose of any business carried on by
or through the entity, or
(ii) services,
the services are supplied for the purpose of any business carried on by or
through the entity;
(b) the
supplies were made when the entity was an international services entity within
the meaning of Part 12 of the Law;
(c) each
of the supplies has a value (within the meaning of Part 9 of the Law) of
less than £1,000;
(d) such
records of the supplies to the entity, and of the GST chargeable on them, are
kept by the entity as the Comptroller by direction requires;
(e) the
GST has actually been paid;
(f) such
records of supplies of goods or services, being supplies made by the entity,
are kept as the Comptroller by direction requires;
(g) application
is made for the refund at such time or times as the Comptroller specifies by
direction;
(h) that
application is made in the approved form.
9 Citation
These Regulations may be
cited as the Goods and Services Tax (International Services Entities) (Jersey)
Regulations 2008.