Jersey Clarifies Tax Measures Under 2024 Budget

The Jersey Government May 10 clarified tax measures under the 2024 budget. Topics covered include: 1) an increase of the maximum property value for first-time buyers to 700,000 Jersey pounds (US$876,967); 2) an increase by 0.5 percent, applicable to each tax band above 2 million pounds (US$2.5 million), in stamp duty, land transaction tax (LTT), and enveloped property transaction tax; 3) an increase in excise tax rates, including a 15.9 percent increase for tobacco duty and a 4.5 percent increase for alcohol duty; 4) that Jersey residents who are taxed on their employment income from working in other jurisdictions may ...