Jersey Law 20/1974
INCOME TAX (AMENDMENT No. 10) (JERSEY) LAW, 1974.
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A LAW to
amend further the Income Tax (Jersey) Law, 1961, sanctioned by Order of Her
Majesty in Council of the
25th day of JULY, 1974.
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(Registered on the 23rd day of August, 1974).
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STATES OF JERSEY.
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The 4th day of
December, 1973.
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THE STATES, subject to the sanction of
Her Most Excellent Majesty in Council, have adopted the following Law: -
ARTICLE 1
(1) After
sub-paragraph (c) of paragraph (1) of
Article 80 of the Income Tax (Jersey) Law, 1961, as
amended (hereinafter referred to as “the principal Law”) there
shall be added the following –
“and
(d) to a
deduction in the case of income arising from a profession, employment or
vocation of any sums, not being of a capital nature, necessarily expended for
the purpose of earning the income, including any sums so expended in
maintaining a place of residence in the place where the income arises;”
(2) For
paragraph (2) of the said Article 80 there shall be substituted the following
paragraph –
“(2) Paragraph
(1) of this Article shall not apply to any person who satisfies the Comptroller
that he is not ordinarily resident in the Island.”
(3) In
paragraph (3) of the said Article 80 for the word “cases” there
shall be substituted the word “case”.
ARTICLE 2
After Article 81 of the principal Law there
shall be inserted the following Article –
“ARTICLE
81A
TRANSACTIONS IN CERTIFICATES OF DEPOSIT
(1) Where
a person acquires the right to receive the amount (with or without interest)
stated in a certificate of deposit issued to him or any other person, any
profits or gains arising to him from the disposal of that right or, except so
far as it is a right to receive interest, from its exercise shall, if not
falling to be taken into account as a trading receipt, be treated as annual
profits or gains chargeable to tax under Case VI of Schedule D.
(2) Where
a person sustains a loss in a transaction which, if a profit had arisen from
it, would be chargeable to tax by virtue of paragraph (1) of this Article,
then, if he is chargeable to tax under Schedule C or D in respect of the
interest payable on the amount stated in the certificate of deposit concerned,
in computing the amount of interest chargeable to tax the amount of his loss
shall be deducted from the interest and, if tax has been overpaid, he shall be
entitled to repayment of the amount overpaid.
(3) In
this Article, ‘certificate of deposit’ means a document relating to
money, in any currency, which has been deposited with the issuer or some other
person, being a document which recognises an obligation to pay a stated amount
to bearer or to order, with or without interest, and being a document by the
delivery of which, with or without endorsement, the right to receive that
stated amount, with or without interest, is transferable.”
ARTICLE 3
After sub-paragraph (h)
of Article 115 of the principal Law there
shall be inserted the following sub-paragraph –
“(j) attendance
allowances payable under the Attendance Allowances (Jersey) Law, 1973;”.
ARTICLE 4
(1) This
Law may be cited as the Income Tax (Amendment No. 10) (Jersey) Law, 1974.
(2) The
provisions of Articles 1 and 2 of this Law shall apply in relation to the year
nineteen hundred and seventy-four and ensuing years, and the provisions of
Article 3 shall apply in relation to the year nineteen hundred and
seventy-three and ensuing years.
E.J.M. POTTER
Greffier of the States.