Annual income, expenditure and reserves

All amounts are in £ millions.

Goods and services tax (GST) was introduced on 1 May 2008 at 3%, and was increased to 5% on 1 June 2011.

Island rates were introduced in 2006.

Impôts are excise duties levied on certain imported goods such as alcohol, tobacco and vehicle fuel. It also includes vehicle emissions duty (VED) since it was introduced in 2010, and included vehicle registration duty (VRD) when that was collected between 2003 and 2008.

The strategic reserve is the Government long-term reserve, set up in the mid-1980s to safeguard against a downturn in the economy.

The stabilisation fund was opened in 2006. It was fully drawn down to the consolidation fund in 2014. In 2019, £50 million was transferred into the Stabilisation Fund, with a commitment in the Government Plan to make further substantial deposits into the fund over the next three years. In 2020 the complete value of the fund was transferred to the Consolidated Fund to support the economic recovery from the covid-19 pandemic.

Annual reports and accounts for the States of Jersey are published here on gov.je.