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WQ.407/2024
WRITTEN QUESTION TO THE MINISTER FOR TREASURY AND RESOURCES
BY DEPUTY P.F.C. OZOUF OF ST. SAVIOUR
QUESTION SUBMITTED ON MONDAY 4th NOVEMBER 2024 ANSWER TO BE TABLED ON MONDAY 11th NOVEMBER 2024
Question
"In relation to the Income Tax Forecasting Group: Report (R.130.2024), will the Minister advise whether –
- the income forecast therein aligns with the current expectations for the States of Jersey, particularly in light of continued activity within the housing market; and
- the estimated figures are still likely to be met, despite the report only being updated periodically?"
Answer
At the end of October 2024, around £30m had been collected from stamp duty, enveloped property transaction tax and land transaction tax. The total stamp duty forecast for 2024 is £38m. Excluding revenue from wills and probate, this forecast is £35m, meaning that stamp duty receipts are broadly in line with the forecast.
The financial forecast will next be updated once we receive revised economic assumptions from the Fiscal Policy Panel in the Spring of 2025.