After three years of research, consultation and law drafting, Jersey's Treasury Minister is proposing to close the loophole on share transfer properties if Jersey's parliament - the States - approves new regulations.
If approved, 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. An agreement to do this in principle was reached last year when the States approved the law.
The Stamp Duty discounts that apply to first time buyers of freehold property will also apply to first time buyers of share transfer property.
Land Transaction Tax is expected to raise about GBP1m a year.
A comprehensive report in our Intelligence Report series giving detailed information on offshore jurisdictions in tabular form, titled "The Lowtax Offshore Charts: Country Characteristics and Taxation; Residence Guide", is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report4.asp
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