Jersey makes Stamp Duty changes for 201522/10/14
The hotly anticipated 2015 budget has been announced by the States of Jersey and reveals some mixed news for home-buyers on the island.
The following changes are proposed to take effect from the 1st of January 2015:
The stamp-duty threshold for first-time buyers in Jersey currently stands at £450,000. This will lower to £400,000 in 2015, however a sliding scale will be applied for properties where the value of the purchased property falls between £400,000 and £450,000.
Lower Value Mortgages
Budget changes for 2015 will benefit those borrowing money for the purchase of a residential property priced at £400,000 or less. Out goes the standard stamp duty or of 0.5% on the amount secured, instead buyers will pay nothing on the first £300,000 loaned for the property and 0.25% on the remaining balance up to £400,000.
Higher Value Residential Properties
Those purchasing residential properties priced in excess of £1 million will be those hardest hit by the revised States’ budget with significant sliding scale changes:
- Buyers of properties in the £1,000,000 to £1,500,000 bracket will pay £22,000 for the first £1M and 4% on the balance.
- Buyers of properties in the £1,500,000 to £2,000,000 bracket will pay £42,000 for the first £1.5M and 5% on the balance.
- Buyers of properties in the £2,000,000 to £3,000,000 bracket will pay £67,000 for the first £2M and 6% on the balance.
- Buyers of properties in excess of £3,000,000 will pay £127,000 for the first £3M and 7% on the balance.
Le Gallais Estate Agent in St Helier offers assistance and advice on every aspect of your Jersey property purchase, for more information call us on 01534 766689.