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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