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Land transaction tax concessions and practice

​Interpretation of matrimonial home

Land transaction tax (LTT) is reduced to a flat rate when the transaction relates to the transfer of shares (either joint ownership to sole or vice versa) where those shares relate to the matrimonial home. 

The comptroller is prepared to apply a broad interpretation to 'matrimonial home'. He will, on application, in instances where two people in a relationship have been living as  a couple in the property for a period of 12 months or more, be prepared to deem their property to be the 'matrimonial home' whether or not they are married or in a civil partnership.
 
To benefit from this practice, the couple must attach to the transfer of ownership form a statement of the relevant facts, signed and dated by both parties. The statement should include: 
  • the names of the parties
  • the address of the share transfer property
  • the length of time the parties have been in a relationship together whilst living in the property
  • a request to be granted dispensation in accordance with this statement of practice

Concession on re-financing

Where certain conditions are met there is a special rate of land transaction tax due if refinancing an existing loan to purchase the property. These conditions are set out at paragraph 3A(2) of the schedule to the LTT Law and include paragraph (f) as follows:

“(f) LTT in respect of the original amount has been paid under paragraph 3”

As LTT is a relatively new tax and therefore in some cases LTT will not have been paid on the original amount secured. The Comptroller is prepared to apply the discretion afforded to him under Article 8 of the Law in these cases and, where all other conditions are met, waive this final requirement.

Taxation (Land Transactions) (Jersey) Law 2009 on Jersey Law website

Application of Article 8(1) of the LTT Law - statement of practice where a secured party takes possession of shares by virtue of a security interest held in accordance with the Security Interests (Jersey) Law 1983

The Comptroller will not require the payment of any LTT in respect of any transfer of shares to which Article 3(1) (a) of the LTT Law applies where the transferee is a secured party with an existing security interest created pursuant to Article 2(3) of the Security Interests (Jersey) Law 1983 (the “1983 Law”), or its nominee, and the transfer is made either:

  1. for the purpose of creating a security interest under Article 2(6) of the 1983 Law or
  2. for the purpose of facilitating the exercise by the secured party of a power of sale in respect of the shares

Where this applies, it will not be necessary to make a specific application for the remission of the LTT due.

Application of Article 8(1) of the LTT Law - statement of practice where a secured party takes possession of shares by virtue of a security interest held in accordance with the Security Interests (Jersey) Law 2012

The Comptroller will not require the payment of any LTT in respect of any transfer of shares to which Article 3(1)(a) of the LTT Law applies where the transferee is a secured party with an existing security interest created pursuant to Part 3 of the Security Interests (Jersey) Law 2012 (the '2012 Law'), or its nominee, and the transfer is made for the purpose of facilitating the exercise by the secured party of a power of sale in respect of the shares in accordance with Article 43(2)(a) of the 2012 Law.

Where this applies, it will not be necessary to make a specific application for the remission of the LTT due.

Security Interests (Jersey) Law 2012 on Jersey Law website

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