Proposal could introduce new capital gains tax

The proposed capital gains tax is due to be debated by the States of Jersey

People in Jersey may have to pay an extra tax on any profit they make from selling a property that is not their main home.

Deputy Max Andrews has suggested a 20% capital gains tax should be introduced for any house which is bought, then later sold, from 1 January 2028.

He said it would be a way for politicians to top up the island's long-term savings pot.

The proposal is due to be debated by the States of Jersey next month.

Currently there is no capital gains or inheritance tax in Jersey.

The proposal said: "By introducing such a tax, the government could generate additional funds to increase the public sector surplus to supplement transfers to the fund."