Trust Company -v- Comptroller of Taxes - Failure to comply with Regulation 8(2) Penalty - December 2021
24/04/2025
BACKGROUND
For anonymisation, the actual name of any individual or company mentioned has been fictionalised
Trust Company -v- Comptroller of Taxes - Failure to comply with Regulation 8(2) Penalty - December 2021, is an Appeal is against a notice of penalty issued under Regulation 10 of the Taxation (Implementation) (International Tax Compliance) (Common Reporting Standard) (Jersey) Regulations 2015 (the “Regulations”) by the Respondent on 21 December 2018 to the Appellant for a failure to comply with Regulation 8(2) of the Regulations in respect of a return for 2017 (the relevant year) required under Regulation 5 of the Regulations due on or before 30 June 2018 (the reporting date) and submitted late on 4 July 2018.
ISSUES FOR THE COMMISSIONERS
The Commissioners sat to consider these matters on 13 December 2021.
The Commissioners determined whether the report submitted by the Appellant under Regulation 5 comprised one return for 456 trusts and, therefore, was subject to one penalty of £300 under Regulation 10 or comprised a consolidated report of 456 returns for 456 trusts and, therefore, was subject to 456 penalties of £300 each for 456 trusts.
DETERMINATION OF THE APPEAL
Based on their consideration of the arguments and their other considerations set out in “Trust Company -v- Comptroller of Taxes - Failure to comply with Regulation 8(2) Penalty - December 2021” the Commission determined that the Appeal be upheld and that a single penalty of £300 in respect of the return submitted by the Appellant late on 4 July 2018 be charged under Regulation 10 of the Taxation (Implementation) (International Tax Compliance) (Common Reporting Standard) (Jersey) Regulations 2015
Source
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.