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WRITTEN QUESTION TO THE MINISTER FOR TREASURY AND RESOURCES BY THE DEPUTY OF ST OUEN
ANSWER TO BE TABLED ON MONDAY 12TH DECEMBER 2016
Question
Following the adoption by the States Assembly of the Taxation (Land Transactions)(Jersey) Law 2009, what work, if any, has been carried out by the Department of Treasury and Resources with a view to extending the provisions of that law to share transfer transactions involving commercial property?
Answer
Extending the Taxation (Land Transactions) (Jersey) Law 2009 ("LTT") to cover share transactions involving commercial property is extremely complex. The Corporate Services Scrutiny Panel acknowledged this in their report dated 10 June 2008 into the LTT for residential property and proposed to prepare a subsequent report examining this issue.
Following the elections in 2008 this further report was not progressed by the subsequent members of the Panel.
However the Treasury Minister is open to considering workable suggestions as to how LTT might be extended to encompass share transactions which involve commercial property, and is committed to reviewing the matter before Budget 2018.