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| Jersey Closes Share Transfer Property Tax Loophole |
by Jason Gorringe, Tax-News.com, London
Tuesday, December 15, 2009
Following three years of research, consultation and law drafting, the States
of Jersey has finally approved regulations, tabled in October, to bring the
Land Transaction Tax into effect, closing the loophole on share transfer properties.
It will mean someone buying a share transfer property will pay the same amount
of tax as someone buying a freehold property would have to pay in Stamp Duty.
The Stamp Duty discounts that apply to first time buyers of freehold property will also apply to first time buyers of share transfer property.
The Treasury Minister, Senator Philip Ozouf, said: “Now that this measure
has been approved, it brings the buyers of share transfer properties into line
with other home buyers."
The Land Transaction Tax is expected to generate revenues of around GBP1m annually.
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