A Jersey Senator has proposed the abolition of tax relief on mortgage interest for certain homeowners in a move that is expected to benefit the Treasury by over £2 million a year.
Senator Terry le Sueur said the measure would not apply to first time homebuyers and the idea has initially been restricted to those with mortgages of over £275,000. This would have the effect of making the tax system more equitable said the Senator.
Le Sueur said his primary motive was to remove 'tax anomalies' from the system. To that end, business loans will not be affected by the changes he said. Tax relief would also remain for individuals extending or purchasing a single and private residence. However, relief on second mortgages and other loans may also disappear said Le Sueur.
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