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Budget 2012 - Draft: Amendment: Stamp Duty and Land Transaction Tax for First-Time Buyers and Stamp Duty Court Fees

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A decision made 1 November 2011:

Decision Reference:  MD-TR-2011-0133

Decision Summary Title:

Draft 2012 Budget – Proposed Amendments – Stamp Duty and Land Transaction Tax for first-time buyers and Stamp Duty Court Fees

Date of Decision Summary:

31 October 2011

Decision Summary Author:

Director – Tax Policy

Decision Summary:

Public or Exempt?

Public

 

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Draft 2012 Budget – Proposed Amendments – Stamp Duty and Land Transaction Tax for first-time buyers and Stamp Duty Court Fees

Date of Written Report:

31 October 2011

Written Report Author:

Director – Tax Policy

Written Report :

Public or Exempt?

Public

Subject:

Draft 2012 Budget – Proposed Amendments – Stamp Duty and Land Transaction Tax for first-time buyers and Stamp Duty Court Fees.

Decision(s):

The Minister for Treasury and Resources decided to amend the stamp duty revenues estimated for 2012 in Summary Table A of the Draft Budget 2012 (P.159/2011) and also to instruct the Law Draftsman to draft amendments to the Draft Finance (2012 Budget) (Jersey) Law regarding:

 

  1. Reducing the rate of Stamp Duty and Land Transactions Tax charged to first-time buyers of properties with a purchase price of between £400,000 and £450,000 for a period of 12 months only; and
  2. The Stamp Duty Court Fees charged on actions to recover debts.

 

Reason(s) for Decision:

  1. To help to stimulate the first-time buyer housing market.

2.  To ensure that individuals who are already overburdened with financial worries do not suffer additional hardship as a result of an increase in court fees.

Resource Implications:  

There are no manpower implications.  The maximum estimated revenues foregone from both measures are £202,000, of which the majority will be incurred in 2012.

Action required:

Greffier of the States to be requested to lodge the attached Amendment in the States at the earliest opportunity and to instruct the Law Draftsman to draft amendments to the draft Finance (2012 Budget) (Jersey) Law regarding:

 

  1. Reducing the rate of Stamp Duty and Land Transactions Tax charged to first-time buyers of properties with a purchase price of between £400,000 and £450,000 for a period of 12 months only; and
  2. The Stamp Duty Court Fees charged on actions to recover debts.

 

Signature:

 

 

 

 

Position: Senator P F C Ozouf, Minister for Treasury and Resources

Date Signed:

 

Date of Decision:

 

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