Income Tax
The standard rate of tax is set each year by the Finance (Jersey) Law, a piece of legislation that is enacted annually at the time the Budget is presented to the States (usually in early December).
The standard rate has continued to be set at 20p in the £ for more than 50 years. It is also at this time that any amendments to the Income tax Law are announced (e.g. changes to the allowances and reliefs).
In January the Tax Returns are issued to individuals asking them to supply details of their income, deductions and allowances for the year just ended. Failure to submit the completed tax return by the last Friday in May will render the individual liable to a fine of £200. This deadline is extended to the last Friday in July if the individual has secured the services of a professional tax agent to act on their behalf. Failure to complete a return at all could render the individual liable to a fine of up to £2000. The assessments to tax are completed before the end of August. In September the Notices of Assessment are issued. These show what income has been assessed, the deductions and allowances granted and the amount of income tax due.
For individuals whose sole income arises from employment, the tax due will be collected under the Income Tax Instalment System. For those individuals with minimal or no employment income, a payment on account must be paid by April each year with the balance being paid by early December to avoid a 10% surcharge.
See the ITIS guide for further details at www.incometax.gov.je.
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