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ARTICLE · 13 OCTOBER 2021

The Economic Substance Requirements For Jersey Partnerships - 08/10/2021

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The existing Economic Substance legislation applies to companies tax resident in Jersey.

JerseyFinance and Banking
Emily Haithwaite
Emily Haithwaite
Niamh Lalor
Niamh Lalor
Matthew Shaxson
Matthew Shaxson
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The Taxation (Partnerships - Economic Substance) (Jersey) Law 2021 came into force on 8 October 2021 with an effective date of 1 July 2021 and a six month transition period to 1 January 2022 for partnerships established before 1 July 2021.

The existing Economic Substance legislation applies to companies tax resident in Jersey. The extension of the rules to partnerships is part of Jersey's ongoing political commitment to the EU Code of Conduct Group.

The substance requirements apply to resident partnerships (including incorporated limited partnerships, limited liability partnerships, limited partnerships, separate limited partnerships, Jersey-resident foreign limited partnerships and general partnerships) that carry on certain specified geographically mobile activities, including fund management business and finance and leasing business. Limited liability partnerships that carry on holding partnership business are also subject to the substance requirements.

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