The Taxation (Partnerships - Economic Substance) (Jersey) Law
202- was lodged with the States Assembly on 18 May 2021 and, if
passed, is expected to come into effect from 1 July 2021 (with 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, finance and leasing
business and holding partnership business.
