Property Tax Review
Friday 24 October 10:07
The Property Tax Review Green Paper was presented to the States on 18th July 2014 by the Minister for Treasury and Resources. The deadline for responses is 5pm on 31st January 2015.
Chamber will be responding formally once consultations have been undertaken with members, however, Chamber urge all members to obtain a copy of the paper from:
as all businesses and Islanders could be effected by some or more of the matters being put forward for discussion.
Below are some of the headline issues highlighted for discussion within the paper:-
• Will the current rates system be abolished and replaced by a new tax.
• Taxing the occupier instead of the property owner.
• Taxing land owners.
• Taxing commercial properties either the land taxed to the owner or value taxed to the occupier.
• A new annual property tax to replace the existing rates system (recurrent property taxes).
• Change the current system whereby landlords do not pay twice, i.e. owners rates.
• Tax on commercial land, land value tax.
• Commercial property tax based upon property value.
• Tax so that the public benefit and share in the uplift in land values.
• Tax on super normal profits.
• Charging a tax on all property owners apart from owner occupiers of residential property when they sell.
• Tax developers more than the 20% tax on profits they currently pay.
• Development gains tax.
• Community infrastructure levy on developers.
• Windfall gains tax.
• Phasing our mortgage relief.
• Limit tax relief to landlords.
• Review of stamp duty (Land Transaction Tax).
What do you think?