Financial Benefits & Political Enviroment
01 // FINANCIAL BENEFITS
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The standard rate of income tax in Jersey and Guernsey is 20%. There is no VAT applied on the islands. In Jersey however, there is a similar levy on the sale or exchange of goods and services at a rate of 5%.
The Channel Islands are not part of the UK, although they are British Crown Dependencies. Constitutionally, the UK is responsible for the Island’s defence and international relations. Jersey and Guernsey’s governments are independent from the UK government and are called the States Assembly of Jersey and the States Assembly of Guernsey.
Jersey and Guernsey are not Associate Members of European Union (EU) or Member States. Their relationship with the EU is governed by Protocol 3 in the UK’s Treaty of Accession of 1972.
Common customs tariff, levies and other agricultural import measures apply to trade between the Islands and non-Member States. Free movement of goods and trade between the Islands and Member States is permitted.