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STATES OF JERSEY
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EXPENDITURE PROPOSALS FOR 2012 AND 2013 AND DRAFT BUDGET STATEMENT 2011 (P.157/2010):
FIFTH AMENDMENT
Lodged au Greffe on 22nd November 2010 by Senator A. Breckon
STATES GREFFE
2010 Price code: B P.157 Amd.(5)
EXPENDITURE PROPOSALS FOR 2012 AND 2013 AND DRAFT BUDGET STATEMENT 2011 (P.157/2010): FIFTH AMENDMENT
PAGE 2, PARAGRAPH (b) –
After the words "as set out in the Budget Statement" insert the words –
"except that the estimate of total taxation revenue shall be increased by £5,000,000 by increasing the rates of stamp duty for probate or letters of administration as follows –
If the net value of the personal estate is Proposed stamp duty sworn –
Not to exceed £10,000 NIL To be between £10,001 and £100,000 1% To be between £100,001 and £500,000 1.5% To be between £500,001 and £1,000,000 2% To be between £1,000,001 and £5,000,000 3% To be between £5,000,001 and £10,000,000 4% To exceed £10,000,001 5%
SENATOR A. BRECKON Note:
The current rates under paragraph 9 of Part 3 of the Schedule to the Stamp Duties and Fees (Jersey) Law 1998 are as follows –
If the net value of the personal estate is sworn –
- Not to exceed £10,000
- Not to exceed £100,000
- To exceed £100,000
no fee
£50 for each £10,000 or part of £10,000
£500 in respect of the first £100,000, plus £75 for each additional £10,000 or part thereof
REPORT
I have set out below, with advice from officers at the Judicial Greffe and Treasury, what the effects of my amendments would have been had they been in place since 2007.
I have done this as an indication; however, the amount raised through stamp duty in any year would be dependent upon the value and number of applications for probate or letters of administration.
Manpower
There are no extra manpower requirements to administer these amendments. Financial
The difference between the amounts raised since 2007 and the amounts that could have been raised with the proposed rates is set out in full on the following page. The differences can be summarised as follows –
Year | Amount raised | Amount with proposed rates | Difference |
2007 | £1,779,175 | £6,370,947 | £4,591,772 |
2008 | £2,241,525 | £9,648,727 | £7,407,202 |
2009 | £4,893,225 | £26,655,250 | £21,762,025 |
2010 – 6 month actual | £1,467,900 | £7,199,048 | £5,731,148 |
2010 – 12 month estimate* | £2,935,800 | £14,398,096 | £11,462,296 |
* 2010 estimate based on doubling 6 month actuals.
As can be seen I have erred significantly on the side of caution in suggesting that only £5 million extra taxation revenue would be received through my proposals with the above actual figures from recent years.
Page - 4
P.157/2010 Amd.(5)
What the effects of my amendments would have been had they been in place since 2007
2007 |
| Estate value | Number estates | Stamp duty (current rate) | Stamp duty (proposed rate) | |
0 | - | 10,000 | £1,687,216 | 277 | £0 | 0 |
10,001 | - | 100,000 | £45,328,532 | 1205 | £228,000 | £453,285 |
100,001 | - | 500,000 | £64,920,100 | 296 | £413,650 | £973,802 |
500,001 | - | 1,000,000 | £34,709,000 | 49 | £247,625 | £694,180 |
1,000,001 | - | 5,000,000 | £67,626,000 | 33 | £499,100 | £2,028,780 |
5,000,001 | - | 10,000,000 | £39,610,000 | 6 | £295,575 | £1,584,400 |
10,000,001 | - | + | £12,730,000 | 1 | £95,225 | £636,500 |
|
|
|
| TOTAL | £1,779,175 | £6,370,947 |
2008 |
| Estate value | Number estates | Stamp duty (current rate) | Stamp duty (proposed rate) | |
0 | - | 10,000 | £1,510,500 | 242 | £0 | £0 |
10,001 | - | 100,000 | £47,158,326 | 1283 | £236,150 | £471,583 |
100,001 | - | 500,000 | £69,614,300 | 307 | £444,600 | £1,044,215 |
500,001 | - | 1,000,000 | £26,451,200 | 38 | £189,025 | £529,024 |
1,000,001 | - | 5,000,000 | £74,243,500 | 41 | £528,900 | £2,227,305 |
5,000,001 | - | 10,000,000 | £25,940,000 | 4 | £192,950 | £1,037,600 |
10,000,001 | - | + | £86,780,000 | 4 | £649,900 | £4,339,000 |
|
|
|
| TOTAL | £2,241,525 | £9,648,727 |
2009 |
| Estate value | Number estates | Stamp duty (current rate) | Stamp duty (proposed rate) | |
0 | - | 10,000 | £1,728,000 | 301 | £0 | £0 |
10,001 | - | 100,000 | £46,940,351 | 1257 | £236,200 | £469,404 |
100,001 | - | 500,000 | £72,047,383 | 325 | £460,100 | £1,080,711 |
500,001 | - | 1,000,000 | £38,486,000 | 55 | £274,925 | £769,720 |
1,000,001 | - | 5,000,000 | £89,149,653 | 44 | £657,775 | £2,674,490 |
5,000,001 | - | 10,000,000 | £11,548,150 | 2 | £86,125 | £461,926 |
10,000,001 | - | + | £423,980,000 | 7 | £3,178,100 | £21,199,000 |
|
|
|
| TOTAL | £4,893,225 | £26,655,250 |
2010 (first 6 months) |
| Estate value | Number estates | Stamp duty (current rate) | Stamp duty (proposed rate) | |
0 | - | 10,000 | £986,300 | 167 | £0 | £0 |
10,001 | - | 100,000 | £21,432,705 | 611 | £107,550 | £214,327 |
100,001 | - | 500,000 | £38,249,979 | 170 | £243,125 | £573,750 |
500,001 | - | 1,000,000 | £13,060,000 | 19 | £93,200 | £261,200 |
1,000,001 | - | 5,000,000 | £32,487,816 | 17 | £239,425 | £974,634 |
5,000,001 | - | 10,000,000 | £5,840,000 | 1 | £43,550 | £233,600 |
10,000,001 | - | + | £98,830,733 | 1 | £741,050 | £4,941,537 |
|
|
|
| TOTAL | £1,467,900 | £7,199,048 |