ARTICLE · 29 NOVEMBER 2011

Budget 2012: Share Transfer Duty Proposals To Close Loophole

Collas Crill

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Collas Crill

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The States of Guernsey 2012 Budget Report contains a section advising of proposals to introduce legislation enabling the States to recover document duty at 3% on the transfer for value of any interest in any legal entity which owns, either directly or indirectly, real property in Guernsey.

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The States of Guernsey 2012 Budget Report contains a section advising of proposals to introduce legislation enabling the States to recover document duty at 3% on the transfer for value of any interest in any legal entity which owns, either directly or indirectly, real property in Guernsey.

Currently, individual purchasers pay document duty as a percentage of a property's value. If the proposals come into effect by the estimated date of 1 January 2014 the loophole that exists, in which purchasers of companies owning open market dwellings can take advantage of the absence of duty on share sales, will end.

The proposal is similar to that of Jersey's Land Transaction Tax Regime, which ensures equality of tax rate on sales by share transfer as for domestic land.

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