States Assembly to Deliberate on Stamp Duty Reform Proposals

Members of the States assembly are scheduled to cast votes on proposed stamp duty changes during the initial day of upcoming budget deliberations. Deputy Philip Ozouf has put forward a proposal to implement a targeted stamp duty exemption for Jersey properties valued at up to £700,000, effective for a single year in 2025. Furthermore, his plan includes a substantial targeted decrease in stamp duty for properties priced up to £1 million, alongside a gradual phasing out of relief for those exceeding £1.2 million. Additionally, Deputy Ozouf has suggested eliminating the 3% stamp duty surcharge currently applied to second homes and investment properties. Representatives from the property, construction, brokerage, and broader business sectors have communicated with States members, urging their endorsement of these proposed changes. This letter, bearing nine signatures, implores ministers to acknowledge the difficulties faced by island residents, asserting: “Many Islanders are finding it impossible to enter the housing market or move within it due to stagnation and a lack of confidence.” The correspondence further noted: “Transactions in Jersey’s housing market are at a 10-year low, creating a knock-on effect that worsens conditions for everyone.” Gill Hunt of Hunt Estates commented that the proposed stamp duty holiday is expected to “really help get the market moving again.” Copyright 2024 BBC. All rights reserved. The BBC is not responsible for the content of external sites. Read about our approach to external linking.