Horizon apartments' stamp duty (FOI)

​​​​​Request

A

How many of the apartments sold at Horizon attracted the higher rate of stamp duty that came into effect in January 2023?

B

How many of the apartments sold at Horizon attracted the normal rate of stamp duty applicable to ‘main residences’?

C

How many appeals have there been by purchasers of apartments at Horizon against the new higher rate of stamp duty that came into effect in January 2023?

D

How many non-residents have purchased apartments at Horizon?

E

What was the gross stamp duly revenue paid on purchases of apartments at Horizon at the higher rate of stamp duty that came into effect in January 2023?

​Response 

A

The Government of Jersey has records of 262 transactions of Horizon apartments, of which 146 were subject to the higher rate of Land Transactions Tax. 61 transactions were taxed at the standard rate and a further 55 transactions at the reduced rate for first-time buyers. Share-Transfer sales of flat are subject to Land Transactions Tax, instead of Stamp Duty.

B

Buyers, usually through their legal representatives, are required to state whether they are subject to the higher rate or not and make payment on this basis. Revenue Jersey subsequently conducts compliance activities in this area and does re-assess some transactions to the higher rate. 

C

Of these re assessments, no appeals have yet been heard by the Commissioners of Appeal. One purchaser has indicated they are actively considering appealing to the Commissioners; in all other cases, the reassessments have been agreed.

D

14 buyers were non-resident at the time the purchase completed. Records indicate that some purchasers were resident at the time they initially signed contracts.

E

The gross Land Transaction Tax paid on Horizon apartments subject to the higher rate is £2,600,000. This figure is rounded to the nearest £100,000 and relates to all transactions completed up to 23 November 2023.