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Financial transactions tax will have knock-on effect in Jersey

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ISLAND finance firms have been warned that their businesses could be affected as early as the start of next year if some EU states successfully introduce a financial transactions tax.

The warning has been issued by professional services firm Ernst & Young, with the prospects of Portugal and Italy intending to bring in such a tax on 1 January 2013 and a wider group of EU countries following suit.

There is a risk that clients of Jersey firms will end up paying the price for the European tax, with costs likely to be passed on.

Ernst & Young partner Maxine Rawlins said that a financial transactions tax (FTT) introduced by any EU Member State could have an impact on a variety of finance businesses operating in Jersey.

'It could also impact family offices based in the Island who make certain investments in EU states, or international groups with their treasury operations based here,' she said.

Full story in Tuesday's JEP

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