FOUNDATIONS will offer some ‘interesting’ tax planning opportunities to Jersey finance practitioners, say specialists.
The new Foundations Law was approved by the States in October and is currently waiting for approval from the Privy Council in the UK, which is expected to come through next month.
Jersey will be the first of the UK Crown dependencies to offer foundations as an investment vehicle. Gary Wasdell and Suzanne Green, senior managers at PricewaterhouseCoopers in the UK, were commissioned by Jersey Finance and the States to analyse the likely tax implications and have produced a detailed report.
Speaking at a seminar organised by Jersey Finance, Mr Wasdell said that the UK Inland Revenue would be likely to regard a foundation in the same way as an offshore company, and on a case by case basis.
• Picture: Gary Wasdell and Suzanne Green at the Pomme d’Or. Picture by David Ferguson (00625140)