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Jersey - Other taxes and levies

Jersey - Other taxes and levies

A survey of income tax, social security tax rates and tax legislation impacting...

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Social security tax

Are there social security/social insurance taxes in your country/territory? If so, what are the rates for employers and employees?

Yes.

Type of insurance Paid by employer Paid by employee Total
Pension Plan 0% 0% 0%
Employment Insurance 6.5% 6% 12.5%
Total 6.5% 6% 12.5%

Pension Plan

Pension contributions paid into an approved pension scheme are deductible from taxable income up to a maximum contribution of GBP50,000

Employment insurance

Employees are taxed at a rate of 6 percent up to the standard earnings limit of GBP4,180 per month. Employers are required to pay 6.5 percent on earnings up to the standard earnings limited of GBP4,442. For any earnings above the standard earnings limit up to the upper earnings limit of GBP14,686 employers must pay 2 percent.

Gift, wealth, estate, and/or inheritance tax

Are there any gift, wealth, estate, and/or inheritance taxes in your country/territory?

No.

Real estate tax

Are there real estate taxes in your country/territory?

Income arising from investment in real estate in Jersey is taxed at a rate of 20 percent.

Sales/VAT tax

Are there sales and/or value-added taxes in your country/territory?

Goods and Services Tax (VAT equivalent) is charged at a rate of 5 percent, some goods may be zero-rated and subject to GST at the rate of 0 percent, there are also specific GST-exempt goods and services.

Unemployment tax

Are there unemployment taxes in your country/territory?

No.

Other taxes

Are there additional taxes in your country/territory that may be relevant to the general assignee? For example, customs tax, excise tax, stamp tax, and so on.

Local taxes

No.

Provincial Health Premiums

No.

Employer Health Tax

No.

Foreign Financial Assets

Is there a requirement to declare/report offshore assets (e.g. foreign financial accounts, securities) to the country/territory’s fiscal or banking authorities?

No.

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