Jersey's Draft Taxation (Partnerships – Economic Substance) Law is now awaiting government approval.

The draft law brings Jersey non-fund partnerships within the scope of the economic substance requirements as required by the EU’s Code of Conduct Group (Business Taxation).

The relevant activities of a partnership in scope are: banking business; distribution and service centre business; financing and leasing business; fund management business; headquarters business; holding partnership business; insurance business; intellectual property business; and shipping business.

Partnerships whose place of management...