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Amendments to the draft Taxation (Land Transactions) (Jersey) Law 200-.

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A decision made (25/02/2008) regarding: Amendments to the draft Taxation (Land Transactions) (Jersey) Law 200-.

Decision Reference: MD-TR-2008-0027

Decision Summary Title:

Amendments to the draft Taxation (Land Transactions) (Jersey) Law 200-

Date of Decision Summary:

21 February 2008

Decision Summary Author:

Kevin Hemmings

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Amendments to the draft Taxation (Land Transactions) (Jersey) Law 200-

Date of Written Report:

21 February 2008

Written Report Author:

Kevin Hemmings

Written Report :

Public or Exempt?

Public

Subject:

Amendments to the draft Taxation (Land Transactions) (Jersey) Law 200-

Decision(s):

The Minister approved the amendments to P185/2007 and the covering report to be lodged au Greffe on 26th February 2008.

Reason(s) for Decision:

To enable amendments to P185/2007 to be lodged.

Resource Implications: 

There are no additional financial or manpower implications for the States or department as a result of this decision.

Action required: 

Head of Decision Support to forward the amendments and the covering report to the States Greffe and request that they be lodged on 26th February 2008.

Signature: 
 

Position: Senator Terry Le Sueur, Minister for Treasury and Resources  
 

Date Signed: 25th February 2008

Date of Decision: 25th February 2008

Amendments to the draft Taxation (Land Transactions) (Jersey) Law 200-.

REPORT

When P.185 was lodged last December I indicated that there would be a longer than normal period before debate, in order that interested parties could make submissions on what will be totally new legislation not just for Jersey but worldwide. Since that date I have received a number of comments and questions on the draft Law. I am grateful for this response, in particular to Jersey Finance, responding on behalf of a number of professional institutions, with whom there have been a number of meetings. As a result of those discussions I am bringing a number of amendments, none of which radically alter the intention or the ambit of the draft Law. They are submitted for one or more of the following reasons:

  • To clarify which transactions will attract LTT.
  • To clarify when payment of LTT is due.
  • To achieve parity of treatment with the Stamp Duties and Fees (Jersey) Law 1998.
  • To increase the penalty for provision of false or misleading statements (on the advice of the Attorney General).

Financial/manpower implications

There are no additional financial or manpower implications as a result of adopting these amendments.

L:\Treasury\Sections\Corporate Finance\Decision Support\Misc\Stamp Duty\Report for lodged Amendments.doc


 

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