Draft Budget 2009 (P.158/2008) Amendment.

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A decision made (13/11/2008) regarding: Draft Budget 2009 (P.158/2008) Amendment.

Decision Reference: MD-TR-2008-0124
Decision Summary Title:	Draft Budget 2009 (P158/2008) Amendment		Date of Decision Summary:	11th November 2008
Decision Summary Author:	Chris Haws Head of Financial Planning		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Draft Budget 2009 (P158/2008) Amendment		Date of Written Report:	11th November 2008
Written Report Author:	Chris Haws Head of Financial Planning		Written Report : Public or Exempt?	Public
Subject: Draft Budget 2009 (P158/2008) Amendment to allow transactions under the ‘Jersey Homebuy’ scheme to be exempt from Stamp Duty
Decision(s): The Minister approved the Draft Budget 2009 (P158/2008) Amendment and associated amendment to the Draft Finance (Budget 2009) (Jersey) Law 200-to be lodged “au Greffe” on Tuesday 18 November 2008.
Reason(s) for Decision: For the Minister of Treasury and Resources to lodge an amendment to the Draft Budget 2009 (P158/2008) 2 weeks prior to debate on 2nd December to allow the States to debate the amendment to the draft proposals that would allow transactions under the ‘Jersey Homebuy’ scheme to be exempt from Stamp Duty.
Resource Implications: The financial implications are identified in the report to the proposition. The proposal would result in the States foregoing an estimated £500,000 of stamp duty revenue in 2009.
Action required: Head of Financial Planning to forward the Draft Budget 2009 (P158/2008) Amendment and associated amendment to the Draft Finance (Budget 2009) (Jersey) Law 200-to be lodged “au Greffe” on Tuesday 18 November 2008.
Signature:		Position: Senator T A Le Sueur, Minister for Treasury and Resources
Date Signed: 13th November 2008		Date of Decision: 13th November 2008

Draft Budget 2009 (P.158/2008) Amendment.

STATES OF JERSEY

Budget 2009 (P.158/2008): amendment

Lodged au Greffe on 18th November 2008
by the Minister for Treasury and Resources

STATES GREFFE

DRAFT BUDGET STATEMENT 2009 (P.158/2008): AMENDMENT

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After the words “as set out in the Budget Statement” insert the words –

“except that the estimate of total taxation revenue shall be reduced by £500,000 for the exemption from stamp duty on all transactions through the ‘Jersey Homebuy’ scheme for first-time buyers”.

MINISTER FOR TREASURY AND RESOURCES

Report

One of the principles behind the proposals in the draft Budget Statement 2009 is to stimulate the demand in the property market and also to help first-time buyers onto the property ladder at this difficult time.

The draft Budget Statement 2009 already includes proposals to remove stamp duty from first-time purchases of property up to £300,000 and an increase in the value of property to £400,000 on which a first-time buyer will receive a discount.

I would also like to propose that stamp duty be removed from all transactions through the ‘Jersey Homebuy’ scheme, where certain of these properties set aside for first-time buyers may exceed the provisions for discount already proposed. I fully support the ‘Jersey Homebuy’ scheme and hope that this proposal will help to make properties within the scheme more affordable. The proposal should also provide further encouragement to first-time buyers who may be experiencing particular difficulty in the current financial climate.

The cost of the proposal in 2009 should not exceed £500,000 based on the number of properties expected to be available and their estimated market value. There are no manpower implications.

I am also lodging an amendment to the Draft Finance (Budget 2009) (Jersey) Law 200- to give effect to this proposal should the amendment be approved.