years around property taxes. Whilst currently gathering dust, do not assume that this work will not be brought forward if needs must.


GST By far the easiest way to increase States revenues to meet spending deficits is to increase the rate of GST, by about £10 million for every 1% increase. It used to be increases in duties on booze, fags and petrol but as these are taxed to death already they are unlikely to produce sufficient new revenue. If the talk increases about losing control of expenditure and structural deficits, do not rule out an increase in GST. What is absolutely certain is that it will not go down!


There has been recent news of the call for abolition of the de minimis level of £240 on imports to try to respond to the impact of internet shopping on the high street. It may yet happen, but what many people forget is that it also applies to all spending on foreign goods brought back to Jersey, and if it is brought down to zero your spending should be declared and GST paid. This is a recipe for chaos at the ferry terminal and airport, and is frankly unworkable.


Thresholds For many years Jersey has had generous personal tax thresholds, which sets levels of income below which there is no tax. In the past these have on occasion been frozen, bringing more people into the tax net, thus increasing revenues. At the moment, with tax revenues relatively buoyant, annual increases are made, and this policy is likely to continue. This still remains an option in the tax armoury, however.


To summarise, taxes are needed to pay for spending. Where States profligacy cannot be contained, and promised savings cannot be achieved, the only outcome will be increased taxes and charges. It is still, however, every taxpayer’s right to minimise their own


personal tax liability within the law, and accountants and tax advisers can help in exercising that right to the full.


Feel all alone with your tax problems?


Is your Tax too complicated to handle? Do you Need help getting through the maze?


We guide you with a personal, professional service at a cost you can afford! Call Malcolm anytime to arrange a ‘free meeting’ to discuss your needs.


Accountancy and Tax Specialists


Director : Malcolm Chambers BA Cpfa Address: 4 Bagatelle Farm Close, St Saviour, Jersey. JE2 7SJ Tel: 01534 870023 mobile: 07797 750375


email: malcolm@chambersaccounting.co.uk www.chambersaccountinglimited.co.uk


Meetings can be arranged in the evening or at weekends as client convenience is always a key principle.


20/20 - Finance Page 55


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