11 December 2009
After three years of research, consultation and law drafting the States have approved new regulations to bring Land Transaction Tax into effect, which closes the loophole on share transfer properties.
It means someone buying a share transfer property will pay the same amount of tax as someone buying a freehold property would have to pay in Stamp Duty. An agreement to do this in principle was reached last year when the States approved the law.
The Stamp Duty discounts that apply to first time buyers of freehold property will also apply to first time buyers of share transfer property.
The Treasury Minister, Senator Philip Ozouf, said “Now that this measure has been approved, it brings the buyers of share transfer properties into line with other home buyers.
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Land Transaction Tax is expected to raise about £1m a year.
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