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Taxation (Enveloped Property Transactions) (Jersey) Law 202-

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

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A decision made on 20 December 2021

Decision Reference:  MD-TR-2021-0140

Decision Summary Title:

Lodging of Draft Taxation (Enveloped Property Transactions) (Jersey) Law 202-

Date of Decision Summary:

9th December 2021

Decision Summary Author:

Deputy Director

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Draft Taxation (Enveloped Property Transactions) (Jersey) Law 202-

Date of Written Report:

9th December 2021

Written Report Author:

Deputy Director

Written Report :

Public or Exempt?

Public

Subject:

Lodging of the Draft Taxation (Enveloped Property Transactions) (Jersey) Law 202-

Decision(s):

The Minister approved the lodging of the Draft Taxation (Enveloped Property Transactions) (Jersey) Law 202-.

The Minister further approved an Act of Declaration in accordance with Article 12 of the Public Finances (Jersey) Law 2019 so that the legislation may have immediate effect.

Reason(s) for Decision:

This draft Enveloped Property Transaction Tax Law seeks to introduce a new tax on transactions of enveloped properties. The charge levied will be equivalent to that charged under the Land Transactions Tax Law for share transfer transactions. The new law aims to ‘close the gap’ between these types of transactions.

Full details are provided in the Report that accompanies the draft Law.

Resource Implications:

By itself, this decision would have no resource implications.

Action required:

The Greffier of the States to be requested by the Head of Financial Governance to arrange for the Law to be lodged “au Greffe” by 21nd December 2021 for the States sitting that commences on 8th February 2022.

Signature:

 

 

Position: Deputy S J Pinel of St. Clement,

Minister for Treasury and Resources

Date Signed:

Date of Decision:

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