However, it remains to be seen whether the move will be enough to appease the UK Treasury, which has taken a dim view of what it sees as another offshore tax dodge.
The worst-case scenario is that moves could be made in Westminster to force the closure of the VAT-loophole that benefits companies which sell Jersey Royal potatoes, flowers and other local products to the UK, as well as those selling DVDs and CDs.
Companies such as Asda and Tesco which exploit a tax loophole to sell DVDs and other goods at VAT-free prices to UK customers have been given 12 months to shut up shop and leave the Island.
