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| Jersey Informs On Impact of UK Tax Treaty Changes |
by Amanda Banks, Tax-News.com, London
Monday, December 07, 2009
The Jersey authorities have released guidance for Jersey residents with UK pensions
following the entry into force on November 27 of a bilateral Tax Information
Exchange Agreement (TIEA) signed by the two governments in March 2009.
Alongside the signing of the TIEA, the two authorities agreed to amend
the 1952 Arrangement between Jersey and the United Kingdom for the Avoidance
of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes
on Income.
This incorporates a major change to the tax treatment of pensions,
which means that Jersey residents will no longer be taxed by the UK tax authorities
on certain pensions that they receive from the United Kingdom.
The Island's Comptroller of Income Tax, Malcolm Campbell, commented that:
“Following
the enactment in the UK of the Double Taxation Relief on International Tax Enforcement
(Jersey) Order 2009, Jersey residents in receipt of a UK pension may apply to
the UK Tax Authority, HM Revenue and Customs (HMRC), to have, with effect from
the April 6, 2010, their UK pension paid to them without the deduction of UK
tax”.
“This Arrangement could mean significant savings in terms of tax paid
for some Jersey residents, who could have been paying 40% tax to HMRC on their
pension and who may in future be subject to tax at 50%. The Arrangement means
that, subject to a claim being made and accepted by HMRC, Jersey residents will
only be paying tax in Jersey, at a maximum rate of 20%, on their UK pension.”
The Arrangement also affects residents of the United Kingdom who have been
paying Jersey tax on their Jersey pensions.
Under the new regime, UK residents
will be able to apply to the Comptroller to stop Jersey tax being deducted
from their Jersey pensions, meaning that they will only pay tax in the United Kingdom.
A comprehensive report in our Intelligence Report series
titled "The Lowtax International Pensions Report" which has an
in depth view on The Mechanics of Pensions Provision, 'High-Tax' Country Pension
Regimes and 'Lowtax' Jurisdictions In Which To Locate Pensions Savings, is available
in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report14.asp
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