Taxation (Land
Transactions) (Jersey) Law 2009
A LAW to provide for the taxation of
the issue or transfer of shares, ownership of which confers a right of
occupation of land, for the taxation of a change in a declaration of the trusts
on which such shares are held, and for the taxation of any lending connected
thereto, where the transfer, declaration or lending is effected otherwise than
by contract registrable in the Public Registry of Contracts; and for connected
purposes
Adopted by the
States 17th June 2008
Sanctioned by
Order of Her Majesty in Council 10th December 2008
Registered by the
Royal Court 2nd
January 2009
THE STATES, subject to the sanction of Her Most Excellent Majesty in Council, have
adopted the following Law –
1 Interpretation
(1) In
this Law, unless the context otherwise requires –
“1961 Law” means the Income Tax (Jersey) Law 1961[1];
“Comissioners” means a Commission of Appeal constituted
in accordance with Article 18(4);
“Comptroller” has the same meaning as in the 1961
Law;
“due date”, in relation to a transaction, means the 28th
day following the day on which the transaction takes place;
“equity capital”, in relation to a company, includes all
shares, stock and scrip whether registered, inscribed or bearer which, other
than by way of a fixed and predetermined right to interest and repayments of
subscribed capital at par, entitles the owner to any variable right of
participation in the company’s profits, whether by way of dividend,
bonus, conversion or distribution on winding up;
“land” means a unit of dwelling accommodation;
“LTT” means the land transaction tax imposed by
Article 2;
“LTT receipt” means a receipt issued under
Article 9;
“Minister” means the Minister for Treasury and
Resources;
“occupier” means –
(a) in
relation to a transaction described in Article 3(1)(a), the transferee of
the share;
(b) in
relation to a transaction described in Article 3(1)(b), the person for
whose benefit the share is held;
“prescribed” means prescribed by Order made by the
Minister;
“secured party” has the same meaning as in the Security
Interests (Jersey) Law 1983[2];
“security agreement” has the same meaning as in the
Security Interests (Jersey) Law 1983;
“security interest” has the same meaning as in the
Security Interests (Jersey) Law 1983;
“share” includes stock and all other subdivisions of equity
capital of a company;
“transaction to which this Law applies” shall be
construed in accordance with Article 3;
“transfer”, in relation to a share, includes every
dealing or transaction, whether by the issue of shares, the placement of
shares, the grant or take up of any rights, the exchange of shares, the
conversion of shares, the grant or exercise of an option or other means
howsoever whereby equity capital undergoes a change of beneficial ownership or
proportion of ownership, or a change occurs in the entitlement or potential
entitlement of any person to a share in the distribution of a company’s
profit or capital;
“value”, in relation to a transaction to which this Law
applies, means its value determined in accordance with the Schedule.
(2) In
this Law, a reference to the creation of a security interest includes a further
advance of money secured by an existing security agreement, and a reference to
a person becoming a secured party includes a reference to a person making a
further advance which is secured by an existing security agreement.
(3) In
this Law, a reference to a person connected, or not connected, with another
person shall be construed in accordance with Article 3A of the 1961 Law.
2 Land
transaction tax
A tax, to be known as “land transaction tax”, shall be
charged and due, in accordance with this Law, on transactions to which this Law
applies.
3 Transactions
to which this Law applies
(1) This
Law applies to the following transactions –
(a) the
transfer to a person of any share, ownership of which, by virtue of the
articles of association of the company in which the share is held, confers a
right of occupation of land in Jersey;
(b) a
declaration that a share described in sub-paragraph (a) is held on trust
for the benefit of a person, or an amendment to such a declaration substituting
the person for whose benefit the share is held;
(c) the
creation of a security interest, pursuant to a security agreement, in any share
described in sub-paragraph (a).
(2) For
the purposes of paragraph (1), in determining whether a right of
occupation is conferred, there shall be disregarded any lease or tenancy or
other interest in the land to which the right of occupation is subject and any
restriction or requirement of the Housing (Jersey) Law 1949[3].
(3) The
States may, by Regulations, specify transactions to which this Law does not
apply.
4 Duty
to deliver statement and pay LTT
(1) The
occupier, in relation to a transaction described in Article 3(1)(a)
or (b), or the secured party, in relation to a transaction described in
Article 3(1)(c), shall deliver to the Comptroller, in respect of the
transaction –
(a) a
statement, containing the prescribed information and accompanied by such
documents, or copies of documents, as may be prescribed;
(b) the
amount of LTT charged and due on the transaction.
(2) The
statement and amount of LTT shall be delivered no later than the due date.
(3) The
statement required by paragraph (1) shall include a declaration by the
person delivering it that the statement is, to the best of the person’s
knowledge, information and belief, true, complete and correct.
5 Delivery
of statements in pursuance of notices
(1) A
notice served by the Comptroller pursuant to Article 16 of the 1961
Law may, in addition to the particulars that may be required pursuant to that
Article, require a person to provide a statement of the following
particulars –
(a) whether,
during the period specified in the notice, the person has become, or ceased to
be, an occupier, by virtue of a transaction described in Article 3(1)(a)
or (b);
(b) whether,
during the period specified in the notice, a person has become a secured party,
by virtue of a transaction described in Article 3(1)(c).
(2) Where
a notice requires a person to provide a statement of the particulars described
in paragraph (1), the notice may further require the person to provide a
statement of the following particulars of any transaction to which this Law
applies which is thereby disclosed –
(a) a
description of the land sufficient to identify it;
(b) the
date of the transaction;
(c) the
value of the transaction;
(d) the
number of the LTT receipt issued in respect of the transaction.
(3) The
Comptroller may serve notice on a person under Article 16 of the
1961 Law for the purpose of obtaining the person’s statement
containing the particulars mentioned in this Article notwithstanding that the
person is not chargeable under the 1961 Law.
(4) The
Comptroller may serve notice on a person under Article 16A of the
1961 Law requiring the person to furnish documents in support of a
statement of the particulars mentioned in this Article notwithstanding that the
person is not chargeable under the 1961 Law.
(5) Article 137(1)(ii)
of the 1961 Law shall have effect, in the case of an offence which is, or
includes, the making of an incorrect statement of the particulars mentioned in
this Article as if the reference to the amount of income tax that would have
been payable if the statement had been correct included any amount of LTT that
would have been payable if the statement of those particulars had been correct.
6 Value
of transaction and amount of LTT charged
(1) The
Schedule has effect to provide for the determination of the value of a
transaction to which this Law applies and to specify the amount of LTT charged
and due on it.
(2) The
States may, by Regulations, amend the Schedule.
7 Late
payment surcharge
(1) Where
LTT in respect of a transaction to which this Law applies is not paid on or
before the due date by the person required to comply with Article 4, that
person shall be charged with an amount of LTT (hereafter referred to as the
“surcharge”) in addition to the LTT charged and due on the
transaction.
(2) The
surcharge shall be 10% of the LTT specified in the Schedule in respect of the
transaction.
(3) Notwithstanding
paragraph (1), the Comptroller may waive or reduce payment of the
surcharge in any case where –
(a) failure
to pay the LTT charged and due in respect of the transaction on or before the
due date is caused by the action of a person not connected with the person
required to comply with Article 4 and the failure is remedied without
unnecessary delay; or
(b) the
Comptroller is satisfied that death, serious illness or other grave and
exceptional circumstance prevented payment on or before the due date.
(4) The
Comptroller shall issue a written notice to a person of his or her liability
under paragraph (1).
(5) A
person may, within 40 days of the issue of a notice under
paragraph (4), apply to the Comptroller, in writing, for a waiver or
reduction under paragraph (3).
(6) Where
a person applies under paragraph (5), the Comptroller shall give notice to
the person of whether or not he or she has waived or reduced the person’s
liability.
8 Reduction
or remission of LTT
(1) Notwithstanding
Article 6 but subject to Article 14, the Comptroller may reduce or
remit the amount of LTT charged on a transaction to which this Law applies in
any case where it would, in his or her opinion, be just to do so.
(2) Notwithstanding
Article 18, there shall be no right of appeal against a decision of the
Comptroller under paragraph (1).
9 Issue
of LTT receipt
(1) Upon
delivery of a statement and LTT under Article 4 to the satisfaction of the
Comptroller, he or she shall issue an LTT receipt in respect of the transaction
to the person delivering the statement.
(2) An
LTT receipt shall be marked with a unique number.
(3) An
LTT receipt shall contain the prescribed particulars and be in the prescribed
form.
10 Companies
(Jersey) Law 1991 amended
(1) In
Article 42 of the Companies (Jersey) Law 1991 –
(a) after
paragraph (1) there shall be inserted the following
paragraphs –
“(1A) Notwithstanding anything in its articles, a
company shall not register an instrument of transfer of shares which is a
transaction to which the Taxation (Land Transactions) (Jersey) Law 2009 applies
unless there is produced to the company the LTT receipt issued under
Article 9 of that Law in respect of the transaction, or a copy of that
receipt, certified in the manner prescribed under that Law.
(1B) If a company fails to comply with paragraph (1A),
the company and every officer of it who is in default is guilty of an
offence.”;
(b) in
paragraph (2) for the words “Paragraph (1) does not”
there shall be substituted the words “Paragraphs (1) and (1A) do
not”.
(2) In
Schedule 1 to the Companies (Jersey) Law 1991, after the entries for
Article 41(3) of that Law there shall be inserted the following
entries –
|
“Article
42(1B)
|
Company
registering transfer of shares to which Taxation (Land Transactions) (Jersey)
Law 2009 applies, without production of LTT receipt
|
Level
3
|
–”
|
11 Duty
to keep records
(1) An
occupier or secured party shall –
(a) keep
such records as may be needed to verify the information required to be
contained in a statement delivered under Article 4 or 5;
(b) preserve
those records in accordance with this Article.
(2) The
records shall be preserved for the period of 6 years following the date of the
transaction.
(3) The
records required to be kept and preserved under this Article
include –
(a) relevant
documents relating to the transaction, in particular, any agreement,
declaration or other instrument and any maps, plans or similar documents
relating to the land to which the transaction relates;
(b) records
of relevant payments, receipts and financial arrangements.
(4) The
duty under this Article to preserve records may be satisfied by the
preservation of the information contained in them.
(5) Where
information is preserved under paragraph (4), a copy of any document
forming part of the records is admissible in any proceedings before the
Commissioners to the same extent as the records themselves.
12 Power
of Comptroller to make assessment of LTT
(1) Where
it appears to the Comptroller that a transaction to which this Law applies has
taken place, but Article 4 has not been complied with, the Comptroller may
make an assessment, on the person required to comply with Article 4, of
the LTT charged and due on the transaction.
(2) If
the Comptroller is of the opinion that the main purpose, or one of the main
purposes, of a transaction, or a combination or series of transactions, is the
avoidance, or reduction, of the liability of any person to LTT, the Comptroller
may, subject as hereinafter provided, make such assessment or additional
assessment of LTT on that person as the Comptroller considers appropriate to
counteract such avoidance or reduction of liability:
Provided that no assessment or additional assessment shall be made
under this paragraph if the person shows to the satisfaction of the Comptroller
either –
(a) that
the purpose of avoiding or reducing liability to LTT was not the main purpose
or one of the main purposes for which the transaction, or the combination or
series of transactions, was effected; or
(b) that
the transaction was a bona fide commercial transaction, or that the combination
or series of transactions was a bona fide combination or series of
transactions, and was not designed for the purpose of avoiding or reducing
liability to LTT.
(3) Where
the Comptroller raises an assessment of LTT under this Article, the LTT shall
be payable within 28 days of the date of the assessment.
13 Information
for the purposes of this Law
(1) An
officer in an administration of the States for which the Minister for Housing
is assigned responsibility may disclose to the Comptroller information
regarding consents granted under the Housing (Jersey) Law 1949 for the
sale, transfer or leases of any land and variations of such consents.
(2) The
Comptroller may use information disclosed to him or her pursuant to
paragraph (1) only for the purposes of the administration and enforcement
of this Law.
(3) Paragraph (2)
is without prejudice to Article 135B of the Income Tax (Jersey)
Law 1961[4].
(4) In
this Article, “officer” has the same meaning as in Article 26 of
the States of Jersey Law 2005[5].
14 Power
of Minister to issue directions regarding the reduction or remission of stamp
duty or LTT
(1) The
Minister may issue directions –
(a) to
the designated officer, regarding the exercise of the discretion conferred by
Article 6 of the Stamp Duties and Fees (Jersey) Law 1998[6], in the case of an
acknowledgement of debt document, a contract affecting immovable property or of
a simple conventional hypothec, or in the case of an oath leading to a grant of
probate or letters of administration;
(b) to
the Comptroller regarding the exercise of the discretion conferred by
Article 8 of this Law.
(2) The
designated officer and the Comptroller shall have regard to any directions
issued under paragraph (1).
(3) In
this Article, “designated officer” has the same meaning as in the
Stamp Duties and Fees (Jersey) Law 1998.
15 Proceedings
for recovery of LTT
(1) Proceedings
for the recovery of unpaid LTT may be instituted by the Treasurer of the States
at any time after the expiry of the period described in Article 4(2) or 12(3),
as the case requires.
(2) Article 43
of the 1961 Law shall apply where judgment has been obtained for the payment of
LTT by an individual as it applies where judgment has been obtained for the
payment of arrears of income by an individual.
(3) Article 44
of the 1961 Law shall apply for the purposes of the recovery by legal process
of LTT as it applies for the purposes of the recovery by legal process of
income tax.
16 Offences
(1) A
person who fails, without reasonable excuse, to comply with Article 4
shall be guilty of an offence and liable to imprisonment for a term of
6 months and to a fine of level 3 on the standard scale.
(2) If
a person delivers a statement under Article 4 which he or she knows to be
false or misleading in a material particular or delivers a document or copy of
a document under Article 4, knowing it to be false or misleading, he or
she shall be guilty of an offence and liable to imprisonment for a term of
12 months and to a fine of level 4 on the standard scale.
17 General
provision as to offences under the Law
(1) A
person who –
(a) aids,
abets, counsels or procures the commission of an offence under any provision of
this Law (a “principal offence”); or
(b) conspires,
attempts or incites another to commit a principal offence,
shall also be guilty of the offence and liable in the same manner as
a principal offender to the penalty provided for the principal offence.
(2) A
person alleged to have committed an offence by virtue of paragraph (1) shall
be triable in the same manner as a person would be tried for the principal offence.
(3) Where
an offence against any provision of this Law committed by a limited liability
partnership or body corporate is proved to have been committed with the consent
or connivance of, or to be attributable to any neglect on the part
of –
(a) a
person who is a partner of the partnership, or director, manager, secretary or
other similar officer of the body corporate; or
(b) any
person purporting to act in any such capacity,
the person shall also be guilty of the offence
and liable in the same manner as the partnership or body corporate to the
penalty provided for that offence.
(4) Where
the affairs of a body corporate are managed by its members, paragraph (3)
shall apply in relation to acts and defaults of a member in connection with his
or her functions of management as if he or she were a director of the body
corporate.
18 Right
of appeal
(1) Any
person aggrieved by any decision of, or assessment made by, the Comptroller
under this Law shall be entitled to appeal to the Commissioners, on giving
notice in writing to the Comptroller, within 40 days of the notice of such
decision or assessment.
(2) Without
prejudice to the generality of paragraph (1), any person who is aggrieved
by any assessment or additional assessment made on the person under Article 12(2)
shall be entitled to appeal to the Commissioners on the ground –
(a) that
the avoidance, or reduction, of the liability of that person to LTT was not the
main purpose, or one of the main purposes, of the transaction, or the
combination or series of transactions;
(b) that
the transaction was a bona fide commercial transaction, or that the combination
or series of transactions was a bona fide combination or series of transactions,
and was not designed for the purpose of avoiding or reducing liability LTT; or
(c) that
the person has been overcharged by the assessment or additional assessment.
(3) Notwithstanding
the time limit specified in paragraph (1), if it is shown to the
satisfaction of the Comptroller that, owing to absence, sickness or other
reasonable cause, any person has been prevented from appealing within the time
specified, the Comptroller may admit the appeal if notice of it is given to him
or her without unreasonable delay.
(4) A
Commission of Appeal shall be constituted, for the purpose of hearing appeals
under this Law, as it would be constituted, for the purpose of hearing appeals
under the 1961 Law, in accordance with Article 10(1) of the 1961
Law, from the Commissioners of Appeal appointed under that provision.
(5) The
following provisions of the 1961 Law shall apply to an appeal under
paragraph (1) as they apply to an appeal under Article 27(1) of that
Law –
(a) Article 27(2);
(b) Article 28(1)
and (2);
(c) Article 29;
(d) Article 29A;
(e) Article 31,
as if the particulars that may be demanded are particulars of the transaction
to which the appeal relates, and any related transaction;
(f) Articles 32
to 36.
19 Correction
of error in LTT receipt
The Comptroller may re-issue an LTT receipt upon the return to him
or her of the receipt previously issued, if he or she is satisfied that there
is an error in, or omission from, that receipt and as to the manner in which
the error or omission is to be made good.
20 Issue
of replacement LTT receipt
(1) Any
person may apply to the Comptroller for the issue of a replacement for an LTT
receipt that is lost, destroyed or damaged.
(2) The
Comptroller shall issue a replacement LTT receipt, upon an application made
under paragraph (1) and upon payment of the prescribed fee, if he or she
is satisfied that the original receipt or certificate is lost, destroyed or
damaged.
21 Orders
The Minister may, by Order –
(a) prescribe
any matters that shall or may be prescribed under this Law;
(b) make
provision, for the purposes of this Law, as to the date a transaction takes
place;
(c) prescribe
the manner in which a copy of an LTT receipt shall be certified.
22 Stamp
Duties and Fees (Jersey) Law 1998 amended
At the beginning of Article 6 of the Stamp Duties and Fees (Jersey)
Law 1998[7], there shall be inserted the
following words “Subject to Article 14 of the Taxation (Land
Transactions) (Jersey) Law 2009,”.
23 Citation
and commencement
This Law may be cited as the Taxation (Land Transactions) (Jersey)
Law 2009 and shall come into force on such day or days as the States by
Act appoint.
a.h. harris
Deputy Greffier of the States
SCHEDULE
(Article 6)
Value of transaction AND RATE OF LTT
APPLICABLE
1 Interpretation
of Schedule
In this Schedule, “gross value”, in relation to land,
means its market value.
2 Basic
amount charged on the value of a transaction described in Article 3(1)(a)
or (b)
(1) Except
as otherwise provided in the following provisions of this Schedule, LTT shall
be charged on the value of a transaction described in Article 3(1)(a) or
(b) at the rate of £50 plus –
(a) where
the value of the transaction does not exceed £50,000, 50p for each £100 or part of £100 subject to a minimum
of £10;
(b) where
the value of the transaction exceeds £50,000 but
does not exceed £300,000, £250 in respect
of the first £50,000, plus £1.50 for each £100 or part of
£100 in excess thereof;
(c) where
the value of the transaction exceeds £300,000 but
does not exceed £500,000, £4,000 in respect of the first
£300,000, plus £2 for each £100 or part of £100 in
excess thereof;
(d) where
the value of the transaction exceeds £500,000 but
does not exceed £700,000, £8,000 in
respect of the first £500,000, plus £2.50 for each £100 or
part of £100 in excess thereof;
(e) where
the value of the transaction exceeds £700,000, £13,000 in respect of the first £700,000, plus £3
for each £100 or part of £100 in excess thereof.
(2) For
the purposes of sub-paragraph (1), where consideration passes in respect
of a transaction described in Article 3(1)(a) or (b), the value of the
transaction is the amount of the consideration or, if the gross value of the
land to which the transaction relates exceeds such consideration, the gross
value of the land.
(3) For
the purposes of sub-paragraph (1), where no consideration passes in
respect of a transaction described in Article 3(1)(a) or (b), the value of
the transaction is the gross value of the land to which it relates.
(4) Notwithstanding
sub-paragraphs (2) and (3), for the purposes of sub-paragraph (1),
where a transaction described in Article 3(1)(a) is for the transfer of
shares by a sole owner into joint ownership with another person, or where a
transaction described in Article 3(1)(b) is for an alteration of a
declaration of trusts whereby a share held on trust for the benefit of one
person is henceforth held on trust for the benefit of that person jointly with
another person, the value of the transaction is the amount of consideration for
it or, if one half of the gross value of the land exceeds such consideration,
one half of the gross value of land.
(5) Notwithstanding
sub-paragraphs (2) and (3), for the purposes of sub-paragraph (1), where a
transaction described in Article 3(1)(a) is for the transfer of shares by
joint owners into sole ownership, or where a transaction described in
Article 3(1)(b) is for an alteration of a declaration of trusts whereby a
share held on trust for the benefit of persons jointly is henceforth held on
trust for the benefit of one only of those persons, the value of the
transaction is the amount of consideration for it or, if one half of the gross
value of the land exceeds such consideration, one half of the gross value of
the land.
3 Basic
amount charged on the value of a transaction to which Article 3(1)(c)
applies
Except as otherwise provided in the following provisions of this
Schedule, LTT shall be charged on the value of a transaction to which
Article 3(1)(c) applies at a rate of £50 plus (subject to a minimum
amount of £5) 50p for each £100 or part of £100 of the amount
secured by the security agreement.
4 First-time
buyers: purchase
(1) This
paragraph applies to a transaction described in Article 3(1)(a) or (b)
which relates to land on which a dwelling is, or is to be, constructed for
occupation by the occupier where –
(a) the occupier requests that the LTT be assessed in accordance with
this paragraph;
(b) the occupier is a person to whom Regulation 1(1)(a) to (h) or
(n)(ii) of the Housing (General Provisions) (Jersey) Regulations 1970[8] applies;
(c) the occupier satisfies the Comptroller that he or she has never
owned a reversionary interest in any dwelling accommodation wherever situated nor
has he or she ever previously been entitled to occupy such dwelling
accommodation (or would have been so entitled if clause (b) applied) by
virtue of having owned the accommodation; and
(d) the
consideration for the transaction is not less, or not substantially less, than
the gross value of the land to which the transaction relates.
(2) For
the purposes of sub-paragraph (1)(c), the reference to having owned a
reversionary interest in dwelling accommodation includes –
(a) having
held such accommodation on contract lease;
(b) having
owned such accommodation with any other person;
(c) having
owned any share described in Article 3(1)(a) that confers a right of
occupation of such accommodation;
(d) any
arrangement whereby a share described in Article 3(1)(a) was held on trust
for the benefit of the occupier.
(3) The
rate applicable to a transaction to which this paragraph applies is £50
plus –
(a) where
the value of the transaction does not exceed
£150,000, £150;
(b) where
the value of the transaction exceeds £150,000 but
does not exceed £175,000, £62.50 in
respect of the first £50,000, plus 25p for each £100 or part of
£100 in excess thereof;
(c) where
the value of the transaction exceeds £175,000 but
does not exceed £200,000, £125 in respect
of the first £50,000, plus 50p for each £100 or part of £100
in excess thereof;
(d) where
the value of the transaction exceeds £200,000 but
does not exceed £300,000, £187.50 in
respect of the first £50,000, plus 75p for each £100 or part of
£100 in excess thereof.
(4) For
the purposes of this paragraph, the value of the transaction is the gross value
of the land or, if the dwelling has not yet been constructed on it, the
notional gross value of the land once the dwelling has been constructed.
5 First
time buyers: security interests
(1) This
paragraph applies to a transaction described in Article 3(1)(c) which
relates to a transaction described in Article 3(1)(a) which is charged
with LTT under paragraph 3, where both transactions relate to the same
shares and take place on the same day.
(2) The
rate applicable to a transaction to which this paragraph applies is £50
plus –
(a) where
the value of the land transaction does not exceed
£150,000, £25;
(b) where
the value of the land transaction exceeds
£150,000 but does not exceed £175,000, 12.5p for each £100 or part of £100 of the amount
secured by the security agreement, subject to a minimum of £25;
(c) where
the value of the land transaction exceeds
£175,000 but does not exceed £200,000, 25p for each £100 or part of £100 in excess thereof of
the amount secured by the security agreement, subject to a minimum of
£25;
(d) where
the value of the land transaction exceeds £200,000
but does not exceed £300,000, 37.5p for each
£100 or part of £100 in excess thereof of the amount secured by the
security agreement, subject to a minimum of £25.
(3) For
the purposes of this paragraph, the value of the land transaction shall be
determined in accordance with paragraph 3(4).
(4) In
this paragraph, “land transaction” means the transaction described
in Article 3(1)(a) to which the transaction described in
Article 3(1)(c) relates.
6 Sole
ownership into joint ownership: matrimonial property
(1) This
paragraph applies where a transaction described in
paragraph 2(4) –
(a) takes
place by reason of an order made by the Royal Court under Article 28 of
the Matrimonial Causes (Jersey) Law 1949[9]; or
(b) is
a transaction whereby shares formerly owned by, or held on trust for the
benefit of, an individual are jointly owned by, or held on trust for the joint
benefit of, that individual and his or her spouse and, at the time of the
transaction, the land is their matrimonial home.
(2) In
a case to which this paragraph applies, LTT shall be charged at the rate of
£60.
7 Joint
ownership into sole ownership: matrimonial property
(1) This
paragraph applies where a transaction described in
paragraph 2(5) –
(a) takes
place by reason of an order made by the Royal Court under Article 28 of
the Matrimonial Causes (Jersey) Law 1949; or
(b) is
a transaction whereby shares formerly owned by, or held on trust for the
benefit of, spouses jointly are solely owned by, or held on trust for the sole benefit
of, one of them and, at the time of the transaction, the land is their
matrimonial home.
(2) In
a case to which this paragraph applies, LTT shall be charged at the rate of
£60.
8 Charitable
occupier or secured party
Where the Comptroller is satisfied that an occupier or a secured
party qualifies for exemption from income tax pursuant to Article 115(a),
(aa) or (ab) of the 1961 Law, LTT shall be charged on the value of a
transaction to which this Law applies at the rate of £100.
9 Devolution
of deceased person’s estate
Where a transaction described in Article 3(1)(a) or (b) gives
effect to a devise to a beneficiary or the devolution on intestacy to the heir
or heirs, of a deceased person’s estate, LTT shall be charged at the rate
of £50.
10 Mode of
calculating value where cash consideration is in foreign currency
(1) Where,
by virtue of this Schedule, the value of a transaction is to be determined by
reference to any cash consideration passing for the transaction, and that
consideration is in a currency other than sterling, the value of the
transaction shall be the equivalent value, in sterling, of the cash consideration,
according to the rate of exchange prevailing on the day the value of the
transaction is to be determined in accordance with this Schedule.
(2) Evidence
of the rate of exchange prevailing on a day may be given by written certificate
signed by an officer of any bank in Jersey.