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I have now read the booklet and section of the attachment that directly discusses stamp duty and LTT.
I am absolutely against any increase in the stamp duty charges that currently exist. I think they are already too high and that a cap' should be in place for the upper market. (A discussion for another day perhaps) Your suggestion for calculating stamp or LTT on the actual price paid by the applicant is fair. There is then no argument over real' values, as it's calculated on the price paid.
Based on previous efforts by the States to help first time buyers etc, any restrictions placed on the new properties should be made in perpetuity' so that the lucky recipients cannot play the system in anyway. I was around when previous States Loan schemes, First Time Buyers schemes and other incentives were available and the system was abused.
Hopefully, you will find enough land to satisfy the demand!
I am happy for my comments to be published and would add that the housing market is extremely important for the overall economy in Jersey. Not only does it support tax' collection by way of stamp duty and court charges, most purchasers will then involve other industries: builders, kitchen suppliers and fitters, electricians, plumbers, bathroom suppliers and fitters, interior designers, etc, etc. Any extra charges imposed on transactions would be detrimental to a whole range of supporting industries.
Kind regards,
Roger.
Roger Trower – Chief Executive