Jonathan Hughes
Partner | Legal
Jersey
Partner
Jersey
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Insight
15 December 2009
Jersey
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The Taxation (Land Transactions) (Jersey) Law 2009 (the "Law") came into effect on 1st January 2010.
The Law applies to the following transactions (the "Transactions"):
For the avoidance of doubt, the right of occupation does not include the right under a lease or tenancy.
The Law does not catch share transactions where no right of occupation of land is conferred on the shares. Thus if a property is owned by a company the shares of which do not explicitly provide a right of occupation then no tax would be payable. LTT will therefore principally be payable on the share transfer purchase of an apartment and also upon any loan secured thereon.
The occupier of the land described in 1 and 2 above, or the secured party described in three above, is obliged to deliver to the Comptroller of Income Tax the following within 28 days of the Transaction:
Upon delivery of the statement and the LTT, the Comptroller will issue an LTT receipt. A company shall not register an instrument of transfer of shares to which the Law applies unless the LTT receipt has been produced to it. An amendment has been made to the Companies (Jersey) Law 1991 to make it an offence for a company to register such shares without an LTT receipt.
The Law imposes an obligation on the occupier or the secured party to keep such records as may be needed to verify the information contained in the statement for a period of six years.
The amount of LTT charged under points 1 and 2 above is at the same rate as would be charged on a freehold purchase of land in Jersey. Similarly, the amount of LTT charged under point three above is the same as would be charged on the registration of a judicial hypothec over freehold property. There are similar discounts for first time buyers, matrimonial transfers and charities. Where the transfer is a devise to a beneficiary under a will or on intestacy, LTT is charged at a nominal rate of £50.
Jonathan Hughes
Partner | Legal
Jersey
Partner
Jersey
Contact Jonathan
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Katharine Marshall
Partner | Legal
Jersey
Partner
Jersey
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Sarah Parish
Managing Associate | Legal
Jersey
Managing Associate
Jersey
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Laura Shirreffs
Senior Associate | Legal
Jersey
Senior Associate
Jersey
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Ogier is a professional services firm with the knowledge and expertise to handle the most demanding and complex transactions and provide expert, efficient and cost-effective services to all our clients. We regularly win awards for the quality of our client service, our work and our people.
This client briefing has been prepared for clients and professional associates of Ogier. The information and expressions of opinion which it contains are not intended to be a comprehensive study or to provide legal advice and should not be treated as a substitute for specific advice concerning individual situations.
Regulatory information can be found under Legal Notice
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