Whenever you buy or mortgage a property, lawyers are obliged to collect tax on behalf of the States of Jersey, known as either “stamp duty” or “land transfer tax (LTT)”.
Stamp duty and LTT has many complex bands and concessions depending on the various circumstances of the buyer and the property.
For example, if you are purchasing:
a commercial unit for sale by share transfer for £1M the tax = £0
a commercial unit by freehold for £1M the tax = £22,100
a home by freehold for £1M the tax = £24,600
There are a number of stamp duty and LTT calculators online, but if you don’t choose the correct calculator relevant to your particular transaction, these may give you the wrong answer.
At Viberts, we have gone one step further. By answering a few straight forward questions, our single calculator has the ability to determine the type of your transaction and calculate all of the potential taxes and concessions you may face when purchasing your future property.
**Please note the indicative rate is to be used as a guide. If you would like further information, please contact our Property team to seek advice and confirmation of the costs associated with your future home.
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