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Jersey Presents 2015 Budget

by Jason Gorringe,, London

23 July 2014

Jersey has announced conservative measures intended to maintain a stable tax system and a low rate on personal income in its draft 2015 fiscal budget. This year's budget debate will move from December to September in advance of the island's general election in October.

The key features of the draft budget include:

  • Maintaining the marginal individual income tax rate at 26 percent for 2015. This rate is levied on income minus allowable deductions. However, income tax liability, as a proportion of income in Jersey, is capped at a maximum of 20 percent;
  • Increasing all tax exemption thresholds by 1.7 percent;
  • Reducing the stamp duty on the cost of borrowing on lower value properties: nil for the first GBP300,000 (USD511,835) then 0.25 percent on the balance up to a maximum property cost of GBP400,000;
  • Increasing the stamp duty payable on purchasing residential property costing GBP1m or more on a progressive basis; and,
  • Capping mortgage interest tax relief at GBP15,000.

In addition to these measures, the Budget report also contains proposals which aim to modernize and simplify the tax system. Among those proposals are changes to the tax rules applying to pensions. These follow a comprehensive consultation and will provide greater flexibility for pension savers and give islanders greater confidence in their future pension provision. A wide-ranging public consultation on property tax has also been launched alongside this budget. The consultation will be open until the end of the year and will gather islanders' opinions on how a property tax system should work in Jersey.

Philip Ozouf, Jersey's Treasury and Resources Minister, said: "The measures that we are proposing for 2015 are not dramatic. They have been designed to promote stability, encourage further economic recovery, and protect our strong financial position."

"We have taken account of the latest forecasts and taken prudent measures to ensure that we can balance the books."

TAGS: tax | pensions | property tax | interest | international financial centres (IFC) | budget | Jersey | offshore | stamp duty | individual income tax

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