The proposals issued last month include a new Regulation of Undertakings charge averaging £500 for non-locally owned companies, based on the number of staff licences, while Jersey-owned firms will need to change their structure and become ‘Limited Trading Partnerships’.
Individual shareholders will be taxed on a ‘look-through’ basis.
John Harris, director of international finance for the States of Jersey, says legal and accounting advice will be required on both the set-up costs and whether existing limited liability contracts will continue to be enforceable.
In this month’s Chamber newsletter Mr Harris says it will be difficult for such costs to be dictated by the States.
