Tax on share transfer property lodged

01 October 2009

After three years of research, consultation and law drafting the Treasury Minister is proposing to close the loophole on share transfer properties if States approve new Regulations.

If approved, it will mean someone buying a share transfer property will pay the same amount of tax as someone buying a freehold property would have to pay in Stamp Duty. An agreement to do this in principle was reached last year when the States approved the Law.

The Stamp Duty discounts that apply to first time buyers of freehold property will also apply to first time buyers of share transfer property.

Land Transaction Tax is expected to raise about £1m a year.