Moving to Jersey?
Jersey is an ideal place to live, not only is it a beautiful country setting with the sea never more than ten minutes away, but there are also excellent transport links to the UK and Europe, so it’s easy to keep in touch with relatives and/or business associates.
There are tax advantages for those who are resident in Jersey. As of 2019/20 tax year, the general rate of tax in Jersey is 20%. Individuals holding high value residency are taxed as follows: the first £725k of income is taxed at 20% and the balance at 1%. There are no capital, wealth or inheritance taxes.
How we work with you
We will listen. By taking the time to understand your objectives, whilst considering the long-term challenges you may face, we will deliver pragmatic advice that is tailored to your individual circumstances.
We will help you understand whether what you want to do is possible and what challenges you may face. In these situations tax advice is not a formula — we deal with the practicalities as well as the theory.
Some of the questions we are commonly asked are:
- Is it 90, 45, 120 or 183 days that I can spend in the UK?
- How much time do I need to spend in Jersey?
- What is a tax day?
- What happens if I fall ill whilst in the UK?
- Do I have to sell my house?
- Can I own my parent’s house?
- Can I be a member of a UK club?
- Does my partner need to break residence?
- How often does HMRC raise enquiries?
- Will I need to keep completing UK tax returns?
- Can my kids go to boarding school in the UK?
- Can I keep my nanny or housekeeper?
- What happens if I get stuck at the airport?
How we can help
- Breaking UK residency: We will help you understand whether what you want to do is possible and what challenges you may face. The answer is rarely black and white and it is our task to navigate the shades of grey.
- Residency status: Housing laws can be restrictive. Individuals with sufficient wealth can apply for high value residency or if they are economically active, they could set up a business and apply for essentially employed status.
- Authority applications: Applicants will need to submit applications to the island authorities, and we are experienced in helping clients prepare these.
- UK statutory residence test: There is a great deal of information online about the. Why go it alone? Our team can share their experience and help give you the best chance of passing.
Meeting your needs
Our Jersey based team has significant experience in helping people and businesses move to the island and we are able to advise on both Jersey and UK tax matters.
Smith & Williamson offers an unusually broad perspective on financial matters providing tax and advisory services to private clients and their business interests. We are the eighth largest accountancy firm in the UK* and one of the largest tax practices in Jersey.
With over 60 years’ experience in our Jersey team, we are expertly placed to assist you with all aspects of your move.
We welcome enquiries — either by phone or email at any time. We look forward to speaking with you soon.
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.