Zero-10 ruling goes against Jersey and Isle of Man
Friday 18th February 2011, 2:29PM GMT.
EUROPE ruled yesterday that Jersey and the Isle of Man cannot continue with a zero-10 tax regime.
The UK Treasury followed up that ruling by repeating its warning that the two islands must change their corporate tax system.
A spokesman said that both the UK and the EU would be keeping a close eye on the redevelopment of what was now seen to be a harmful tax regime.
It also warned Jersey and the Isle of Man that even if they adapted their regimes, both would need to be convinced that any new strategy was EU code compliant.
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