Document Duty (Residential Property)

To many the recent announcements of disappointing revenue forecasts for 2013 from Guernsey's Treasury and Resources Department ("Treasury and Resources"), in part due to a reduction in document duty receipts (document duty generally being the second-largest contributor to Guernsey's budgetary income after income tax) will have come as little surprise.

The 2013 Budget Estimate for income from document duty (comprising both property conveyancing and mortgaging) was originally set at £18 million, although this was later reduced to £14.25 million, a net reduction of almost 21%. Treasury and Resources cites a combination of a weaker local economy and lower net levels of migration as the main reasons for the shortfall in document duty receipts and weaker market activity.