Draft Budget Statement 2015 - Changes to Stamp Duty and LTT

Please click here to see a copy of pages 31 - 35 of the Draft Budget Statement 2015 which was released this morning.
The significant points in relation to Stamp Duty / LTT on Jersey property transactions are as follows:

  1. Stamp duty on purchases: First time buyer threshold for stamp duty relief will revert to £400,000;
  2. Stamp duty on mortgages: All buyers of residential property worth not more than £400,000 will pay no more than £250 stamp duty on their mortgages;
  3. Stamp duty on high value properties: Stamp duty rates on all property costing more than £1 million will increase based on sale price banding. This will have a significant impact on Stamp Duty paid at the top end of the market.

It is proposed that the above will become effective from 1 January 2015.

Please do not hesitate to contact us if you wish to discuss this.