Jersey 2015 Budget Stamp Duty Changes

The States of Jersey recently approved the 2015 Budget which contains some important changes in relation to stamp duty and Land Transaction Tax (LTT) (the equivalent tax for "share transfer" property transactions). There will be winners and losers as a result of the changes, which take effect from 1 January 2015 and are being introduced against the backdrop of the current general review of Jersey property taxation.

Reductions for Lower Value Mortgages

Those who will benefit the most will be persons borrowing to finance the purchase of a residential property for £400,000 or less. Instead of the standard stamp duty or LTT of 0.5% of the amount secured, they will pay nothing on the first £300,000 secured on the property and 0.25% on the balance up to £400,000.