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L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

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2015 budget tax summary

​Personal income tax amendments

Income tax exemption thresholds

The exemption threshold limits for the year of assessment 2015 to be increased by 1.7%.

2015 tax allowances and reliefs

Cap mortgage interest tax relief

Art 90AA interest tax relief will be capped at £15,000. (This is in addition to the capital cap which is already in place)

Interest tax relief

Double tax credit

The entitlement to double tax credit relief is extended to marginal rate taxpayers from the 2015 year of assessment.

Returning taxpayers and the Income Tax Instalment System (ITIS)

A returning taxpayer, provided they have not been resident in the island for at least 1 year, will be taxed on a current year basis even if they were previously taxed on a prior year.


Tax rules applying to pensions and pension schemes

The rules will be changed to allow greater flexibility. A paper on the subject will be published in due course.

Goods and Services Tax (GST) amendments


The period within which refunds of overpaid GST can be claimed will be shortened to the fifth anniversary of the due date of the GST return relating to the relevant period.  This measure will become effective from 1 July 2015.

Land Transaction Tax (LTT)

First time buyers

The threshold for reduced rates for first time buyers will revert to £400,000 from 1 January 2015.

Sliding scale for first time buyers

Properties between £400,000 and £450,000 will still qualify for some relief but will have a new rate charged on the excess over £400,000 for the transfer of ownership.

Reduced LTT security interest rates for lower value properties

On the first £300,000 of borrowing, no duty will be payable. A reduced rate of 0.25% will apply to amounts above that threshold, but not exceeding £400,000.

Increase for higher value properties

Properties with a value of more than £1 million will pay higher rates. In addition, a new rate has been introduced for properties with a value of more than £3 million. 

Calculating your land transaction tax

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