Jersey To Boost First-Time Homebuyer Tax Relief

By Editorial 03 November, 2011

Jersey's Treasury Minister, Phillip Ozouf has proposed that relief on Stamp Duty and Land Transactions Tax afforded to first-time homebuyers should be increased in line with current house prices.

According to the minister, latest data shows that the average price paid by a first-time buyer in Jersey is GBP431,000 (USD689,000). Ozouf has therefore proposed increasing the ceiling for eligible housing to GBP450,000 from GBP400,000 currently. This would represent relief of up to GBP6,500 for eligible homebuyers.

In the last three years Jersey’s housing market has seen around a 25% reduction in the annual number of transactions. This has had a knock-on effect on the broader economy, affecting estate agents, lawyers, removal firms and trades people, Ozouf explained.

Under the Treasury Minister's proposal, the temporary increase in relief would be in place for 12 months from December 1, 2011 costing the government approximately GBP200,000.

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Tags: Individuals | Expatriates | Tax | Investment | Real-estate Investment | Real-estate | International Financial Centres (IFC) | Jersey | Offshore | Stamp Duty |


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