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New Stamp Duty Tax For 2016

07/01/16

With effect from 1 January 2016, the Finance (2016 Budget) (Jersey) Law has changed the stamp duty and land transaction tax payable on some residential property transactions. 

Borrowing

Stamp Duty

Registration Fee

Does not exceed £350,000

Nil

£80

Between £350,000 and £450,000

Nil for the first £350,000, then 0.25% of the borrowing up to £450,000

£80

Over £450,000

Standard rates

£80

It should be noted that these reductions are only available to borrowers securing against a property which is their principal place of residence.

The First Time Buyer threshold for full stamp duty relief remains available on property purchase transactions up to a value of £400,000, for which only a registration fee of £80 is payable, with a reduced rate payable on properties up to a value of £450,000.

If you need any advice on how this may affect you please do get in touch with a member of our sales team on 01534 766689

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