States set to debate proposed stamp duty reforms

Politicians will vote to remove stamp duty on properties up to £700k for 2025

Politicians are set to vote on stamp duty reforms on day one of proposed budget discussions in the States.

Deputy Philip Ozouf wants to introduce a targeted stamp duty holiday for Jersey properties worth up to £700k, for one year in 2025.

His proposal would also see a significant targeted reduction for properties valued at up to £1m and a tapered withdrawal of relief for properties over £1.2m.

He has also proposed to abolish the 3% stamp duty surcharge on second homes and investment properties.

'Lack of confidence'

Members of the property, construction, brokerage and business communities have written to States Members asking them to support the amendments.

The letter, with nine signatories, urges ministers to consider the hardship of islanders stating: "Many Islanders are finding it impossible to enter the housing market or move within it due to stagnation and a lack of confidence."

It also said: "Transactions in Jersey’s housing market are at a 10-year low, creating a knock-on effect that worsens conditions for everyone."

Gill Hunt from Hunt Estates said the stamp duty holiday would "really help get the market moving again".