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Today’s Top Headlines

Jersey Consults On Property Tax Review

by Jason Gorringe,, London

14 August 2014

Jersey is considering the introduction of an annual property tax as part of its review of the island's property tax regime.

It has invited public feedback on the proposals, in its a Property Tax Review consultation, which was published alongside the Draft Budget Statement 2015.

Treasury and Resources Minister, Philip Ozouf, said: "The guiding purpose of this review and consultation is to identify principles which will shape a coherent property tax system."

"We need to know what islanders think of the principles for a modern system which have been outlined for discussion in the consultation paper. We would also like to hear their views on the examples of changes that could be made."

"Fundamental changes to the way we tax property will take time and we understand that some of the issues raised in this consultation may provoke strong reactions. This review is the first step on the road to reforming our system. I would like to reassure Islanders that the primary purpose of this review is not to raise additional revenue, but rather to ensure that Jersey's property tax system is put on a sound footing. I would encourage everyone to take this opportunity to contribute to the development of policy in this important area."

The deadline for comments is December 31, 2014. Similar reforms have been proposed in neighboring Guernsey, which are aimed at tackling avoidance through the use of corporate envelopes.

TAGS: tax | property tax | law | international financial centres (IFC) | Guernsey | Jersey | offshore | Tax

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