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Proposed tax to deter non-resident property investors withdrawn

Proposed tax to deter non-resident property investors withdrawn

Friday 16 December 2022

Proposed tax to deter non-resident property investors withdrawn

Friday 16 December 2022


A proposal to introduce a new tax to deter non-resident investors from holding property in Jersey has been withdrawn.

Deputy Steve Luce had put forward an amendment to the Government Plan suggesting the creation of a ‘Residential Land Withholding Tax’, which he said would in turn free up homes for investors.

However, the Grouville and St. Martin representative told the States Assembly yesterday that he no longer wished to proceed with the motion following conversations with the Housing Minister, Deputy David Warr, who warned that it may lead non-resident landlords to refurbish their homes before selling them on – leaving tenants in need of alternative accommodation.

Luce_Steve.jpg

Pictured: Deputy Steve Luce.

The Progress Party politician said leaving even “one person struggling” was the “absolute last thing” he wanted his amendment to achieve.

He subsequently withdrew his amendment, but noted that he would continue to “closely monitor” the situation, and would “not hesitate” to bring the proposal back to the Assembly if needed.

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