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Re-introduction of Probate Stamp Duty Cap

January 2013 - Tax & Private Client. Legal Developments by Ogier .

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After much lobbying of government in the past few years, we can report that on 5 December 2012 our States legislature voted to re-introduce the cap on the level of probate duty payable in respect of a deceased person's movable estate in Jersey. Until 2005, there had been such a cap on the maximum amount of probate duty payable on an estate. Probate duty of 0.75% had been payable on the majority of the value of an estate up to ÂŁ13,360,000. The effect of this was that the maximum amount of probate duty payable on an estate was capped at ÂŁ100,000. After 2005, the rules were changed such that probate duty was payable on the entire value of an estate.

http://www.ogier.com/Publication%20Library/Re-introduction_of_Probate_Stamp_Duty_Cap.pdf