Jersey objects to FT 'loophole'claims

Jersey officials have voiced their objection to a front-page report in the Financial Times newspaper published on September 26 which claimed the island identified a 'loophole' in the European Union's plans to clamp down on tax evasion, through the establishment of trusts. According to the report, Jersey was accredited with the finding that high net worth individuals who establish discretionary trusts to manage their wealth will escape paying tax under the EU Savings directive rules. This is because the rules apply to individuals' savings income, and not income received by a company. Throug...