Guernsey Property Update: New Document Duty Legislation

With effect from 15 November 2017, a new legislative framework for Document Duty on certain transactions involving real property will come into force in Guernsey. The original principal law from 1973 will be replaced with an updated law and an extended new law that captures additional transactions will also come into force alongside it.

Of particular note, the extended law will bring transactions not directly transferring a real property interest but conferring on a 'transferee' a significant benefit in real property (ie. the benefit of ownership of real property, such as the right to control, enjoy, occupy or receive income deriving from it) into the taxation regime when formerly no duty was payable. The new duty will be payable on the market value of the Guernsey property concerned.