Previous bands
£0 - £50,000 0.5%
£50,000 - £300,000 1.5%
£300,000 - £500,000 2%
£500,000 - £700,000 2.5%
£700,000+ 3%
New bands
£0 - £50,000 0.5%
£50,000 - £300,000 1.5%
£300,000 - £500,000 2%
£500,000 - £700,000 2.5%
£700,000 - £1,000,000 3%
£1,000,000 - £1,500,000 3.5%
£1,500,000 - £2,000,000 4%
£2,000,000+ 5%
Thus on a purchase of a property at £3,000,000 a purchaser is paying an additional £27,500.
This makes Jersey a considerably more expensive jurisdiction than Guernsey in which to buy property. In Guernsey stamp duty is 3%. This could well adversely impact on the 1 (1) (K) market.