Total income from regulatory and registry fees was just over £13 million, compared to £11.
million in 2004, according to the Jersey Financial Services Commission’s business plan issued this week.
As in the previous year, £4.
million of that income has been contributed to the States of Jersey.
The number of new funds doubled, with more than 400 authorised.
Many of these were due to the setting-up of property unit trusts, which benefit from UK stamp duty rules.
These funds are private unit trusts with fewer than 15 investors, which require consent under the Control of Borrowing Order (COBO).
However, the UK Treasury is expected to modify existing rules in the near future and the Commission says that it does not expect this flood of business to continue indefinitely.