Taxing property owned by UK firms ‘could raise £5m’

Tuesday 4th September 2007, 12:00AM BST.

TAXING UK-owned firms on the value of their local property could raise £5m per year, according to an independent review panel.

The Corporate Services Scrutiny panel say that the ‘Blampied system’ of taxing rent paid by UK-owned firms – who will escape tax liability under the new system in 2009 – would both raise money for the taxman and ensure that Jersey companies are not put at a competitive disadvantage because their shareholders will be paying tax at 20 per cent. Review chairman Senator Jim Perchard said that more work needs to be done on the suggestion made by Jurat Peter Blampied, a former senior partner of Coopers & Lybrand in Jersey. ‘We want to keep the pressure on the Treasury Minister,’ said Senator Perchard. ‘I do not think it is a priority for him but it is a priority for me. There is an opportunity to extract a considerable amount of money here – it could be up to £5m.

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