• cutting waste - increasing efficiency in our public services
Will plans to phase out tax allowances affect
you? Jersey is changing the way it taxes companies and individuals, in order
to safeguard our economy against international competitive pressures. As
a result, Jersey's tax-take is expected to fall
by £80-£100 million a year by 2010. The States has
agreed to meet that shortfall by a combination of:
::
20% MEANS 20%
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2007 Foxleigh Knight & Co., Limited
Personal tax allowances for the better off will start to be phased out from 2006, affecting tax bills in 2007.
In 2010, allowances will be phased out fully, affecting personal tax bills in 2011.
If you would like further information on how the 20% means 20% proposals may affect you, the Jersey Income Tax Office has set up
a 'model' which allows you to enter your income and allowances for the year of assessment 2005, and see the effects of the proposed policy on your tax
bills for 2006, 2007, 2008, 2009 and 2010.
« Click to visit the States' Model »
If you have questions or need further help, or if your affairs are more complex
and involve claiming for other less common allowances and reliefs not covered
in the model, please contact us on the number below or send
an email to: 20means20@foxleighknight.com
Phasing
out tax allowances for the better off - what does it mean for you?
•
growing the economy
•
increasing taxes
As part of the tax raising package, the States has agreed to phase out allowances for high earners.
The Finance and Economics Committee's proposals, known as '20% means 20%' will mean the gradual end of allowances over five years for those high earners who can pay more tax.
The Finance and Economics Committee's proposals, known as '20% means 20%' will mean the gradual end of allowances over five years for those high earners who can pay more tax.