FOREIGN non-finance firms – who will not pay tax from January – could have to pay a charge based on property rents under late proposals by the Treasury Minister.
With just five months to go until the start of the ‘zero-ten’ corporate tax system that will let non-Jersey, non-finance firms escape tax entirely, Treasury Minister Terry Le Sueur has lodged a consultation paper proposing that up to £6m could be raised with a ‘deemed rental charge’ for the firms.
That would mean that instead of being taxed on the money they make, the firms would be charged 20% on the rent that they pay, or an assessment of their rate if they own the property.
That idea was first suggested two years ago by Jurat Peter Blampied (pictured), the former senior partner of accountants Coopers and Lybrand in Jersey, during a Scrutiny hearing.
