News and Insights
28 September 2016
The law has been registered and is law. It is awaiting some amendments and could be in force in a matter of weeks. The purpose of us being here is to inform as many people as we can so that selfishly we have fewer problems getting share transfers through. The better informed everybody is, the more effective we will all be.
What is Land Transfer Tax?
A tax triggered on the transfer of shares in a company where the articles are defined to permit the exclusive occupation of a Jersey property i.e. share transfer flats. It does not extend to exclusive property holding companies.
How much is it?
Same level as freehold property and a schedule has been distributed. It is also charged on mortgages secured on shares so there will be a double whammy.
When is it payable?
The tax is payable within 28 days of the shares being transferred.
Company secretaries are crucial. They are the ones who are required to report to the income tax department on the transfer of the shares and can be prosecuted if they do not.