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Jersey

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About

Jersey

Capital
Official languages
Population 
Currency

ISO 4217

St. Helier

English and French

908,520

Jersey Pound

JEP

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Economy

"Jersey is an island in the English Channel off the coast of Normandy, France. It is a self-governing British Crown Dependency and is the largest of the Channel Islands. Jersey has a strong economy, with a Gross Domestic Product (GDP) of £4.3 billion in 2018, according to the Jersey Government. This is equivalent to a GDP per capita of £41,000, which is significantly higher than the UK average of £28,600.

The economy of Jersey is largely based on financial services, with the sector accounting for around 40% of the island’s GDP. Tourism is also an important contributor to the economy, with over 1.5 million visitors to the island in 2018. Other key sectors include agriculture, fishing, and manufacturing.

The unemployment rate in Jersey is low, at just 2.2% in 2018. This is significantly lower than the UK average of 4.0%. The island also has a strong labour market, with a high rate of employment (78.2%) and a low rate of inactivity (17.2%).

Overall, Jersey has a strong and diverse economy, with a high GDP per capita and low unemployment rate. The island is well-positioned to benefit from the growth of the financial services sector and the increasing popularity of tourism."

Taxation

Jersey is a self-governing British Crown dependency located in the English Channel, and it has its own tax system that is separate from the UK. Here is an overview of the tax system in Jersey:


Corporate taxation:

- Companies in Jersey are subject to corporate income tax at a standard rate of 0%, unless they are engaged in certain regulated activities such as banking, insurance, or fund management, in which case they may be subject to higher tax rates.

- Certain types of income earned by Jersey companies may be subject to withholding tax.

- Other taxes and duties that companies may be subject to include social security contributions, property tax, and customs duty.


Personal taxation:

- Individuals in Jersey are subject to personal income tax on their worldwide income at progressive rates ranging from 0% to 20%, depending on their income level.

- Social security contributions are also deducted from employees' gross salaries.

- Other taxes that individuals may be subject to include capital gains tax and property tax.


Tax payment process and calendar:

- Jersey taxpayers are required to file their tax returns annually by the end of May of the year following the tax year.

- The tax year in Jersey is from January 1st to December 31st of the same year.

- Companies that are subject to corporate income tax must pay it in two instalments, with the first instalment due by the end of September and the second instalment due by the end of December of the tax year.

- Individuals are not required to make advance tax payments.

- Late tax payments are subject to penalties and interest charges.


It should be noted that Jersey is known for its low tax regime, and its tax system is often used by individuals and companies for tax planning purposes. However, taxpayers are expected to comply with the local tax laws and regulations, and failure to do so may result in penalties and legal consequences.

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