Revenue Jersey is increasing its compliance activities in 2026 to reduce Jersey’s tax gap and raise additional revenue for the island.
Earlier today, with a distinctly wintery chill in the air, the UK Chancellor delivered the 2025 Autumn budget to parliament.
The UK’s evolving tax landscape is prompting a growing number of High Net Worth (HNW) and Ultra High Net Worth (UHNW) individuals to relocate from the UK to more tax-favourable jurisdictions.
On Wednesday 26th November, the UK Chancellor will deliver the 2025 Autumn Budget to Parliament.
In the first Budget for the new Assembly it has been noted that “the current fiscal climate is challenging” which is unlikely to come as a surprise to anyone.
Statement response coming soon...
Now more than ever, Revenue Jersey are carrying out a variety of compliance based activities in an effort to minimise Jersey’s tax gap and raise additional revenue for the island.
The dust is continuing to settle on what was an all-encompassing first budget delivered by Rachel Reeves, which saw the most widespread changes ever to the UK taxation of UK resident non-doms (still a current term until 5 April 2025!) and the trust structures they are connected to, many of which you administer.
The Government’s economic objective is to build a strong economy and fair society, where there is opportunity and security for all... as long as you are a working person (which seems not to include employers, entrepreneurs, the middle class, the wealthy or foreigners).
It is less than two weeks now until 30 October 2024 when the UK Chancellor, Rachel Reeves, will outline Labour’s economic and fiscal plans in the 2024 Autumn Budget to Parliament.
“We simply don’t take enough in tax to fund the public services our community demands” says Lyndon Trott, president of the policy and resources committee (‘P&R’).
Following their landslide election victory, the new Labour government will be keen to implement the policies which were included in their election manifesto and backed up by various key speeches from senior party members.
Now more than ever, Revenue Jersey are carrying out a variety of compliance based activities in an effort to minimise Jersey’s tax gap and raise additional revenue for the island.
On 1 August 2022, the register of overseas entities became live.
Non-UK resident companies which are subject to UK Corporate Tax (“UKCT”) through their UK property rental business should now be fairly well adjusted to this tax regime, having transitioned away from the Non-Resident Landlord system from April 2020.