A BASIC SURVIVAL GUIDE TO ECONOMIC SUBSTANCE

INTRODUCTION AND BACKGROUND

6 December 2018 saw the Government of Jersey pass the Draft Taxation (Companies – Economic Substance) (Jersey) Law 201- (the Substance Law). This not only changed the landscape for the 182 regulated trust company service providers but all Jersey resident tax companies (Resident Companies) as a whole. The Substance Law was sanctioned by Order of Her Majesty on 13 March 2019 and registered by the Royal Court of Jersey on 22 March 2019. By virtue of article 20 of the Substance Law, it came into law on 1 January 2019.

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AN APPRAISAL OF JERSEY FUNDS

Over the last few decades, Jersey has established itself as a well regulated international finance centre for investment funds with a rich pool of fund administrators, banks and accountants.

At the end of June 2015, Jersey was reported to have £218.7 billion of assets under management. Jersey and Guernsey also have their own shared stock exchange owned by the Channel Islands Securities Exchange Limited.

The Jersey regulatory framework offers a rich range of investment funds (unregulated and regulated) for all types of investors. This wide range reflects the history of the Jersey funds industry dating back to the 1980s.

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ENVIRONMENTAL LAW IN JERSEY

Whilst environmental legislation can be traced back for a few centuries, it was not until the mid-20th century when a series of United Nations conferences led to the adoption of a set of environmental principles and concepts such as “sustainable development, precautionary principle, intergenerational equity, polluter pays, environmental impact assessments, public participation in the decision making process, access to information and liability and responsibility for any environmental damage”. Today, all of these principles and concepts form the basis of environmental law and are part of national laws, including Jersey.

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