ISLANDERS who qualify for a discounted home under the Jersey Homebuy shared-equity scheme could soon be excused from paying stamp duty.
Treasury Minister Terry Le Sueur has proposed a change in the stamp duty law to make it easier for first-time buyers in the current market. ‘I have instructed the law draftsman to make amendments to the Stamp Duty Law, which I will bring forward during the Budget debate in December,’ he said.
The news will come as a welcome relief to families struggling to get onto the property ladder and should make the three-bedroom houses at Dandara’s La Providence development at Goose Green more affordable. The JEP’s investigation into Jersey Homebuy last week revealed that hundreds of Islanders had been deterred from applying for the scheme because they felt it was too expensive.
Applicants for Jersey Homebuy, which gives people the chance to buy a home at a 35 per cent discount, must be A–H residentially qualified and be first-time buyers, have a gross (joint where applicable) taxable income of between £40,000 and £60,000 per year and for three-bedroom homes – the only houses available at the moment – or larger applicants must have at least one child living with them.
• Picture: The move should help to make new houses at Goose Green more affordable
Article posted on 7th November, 2008 - 2.56pm
One Article Comment
According to Senator Le Sueur this is something he has known about for a long time, So why is it he making it sound as if it’s a new problem.
I contacted him and Senator Le Main in February of this year to ask if a Ministerial exemption could be made in respect of the sale of the Housing department property sales as it seemed unfair that they where selling first time buyer homes that would always remain in the first time buyer market without the reduced stamp duty and he stated that nothing could be done until the budget which is untrue.
But he can do something now to help Dandara and scrap the stamp duty on these propertys.
Report abuse