Ministers rejected plans for stamp duty holiday

**Ministers rejected plans for stamp duty holiday**

Ministers did not go ahead with proposals to introduce a stamp duty holiday.

Jersey ministers had looked at cutting stamp duty for homeowners wanting to "right size", but in the end decided against it because there was "insufficient evidence" it would release homes for families.

Minister for Treasury and Resources Alan Maclean said he and Minister for Housing Malcolm Fery had examined whether a stamp duty holiday could be included in the proposed 2027-2030 budget.

But Senator Maclean said there was a "joint decision" not to move forward after reviewing advice from officers, an assessment of housing market conditions and the possible impact on the public purse.

"Right-sizing" means encouraging under-occupying tenants to move into smaller homes in order to help boost supply.

Senator Alan Maclean said ministers had considered analysis and advice before deciding not to change stamp duty rules.

In response to a written question from Reform Jersey deputy Tom Coles, he said ministers would keep considering "non-tax measures that may support right-sizing and improve housing market mobility".

He explained the decision not to proceed with a stamp duty concession aimed at increasing the availability of family homes.

"The analysis indicated that stamp duty is not generally regarded as the principal barrier preventing older homeowners from right-sizing," he said.

"Rather, the limited availability of suitable downsizing accommodation remains a more significant constraint.

"Ministers also considered the reduction in stamp duty revenues that would result from such a measure and concluded that there was insufficient evidence that a stamp duty holiday would deliver benefits proportionate to its fiscal cost."

The States Assembly is due to debate the proposed budget, along with any suggested amendments from backbenchers, in the week beginning 7 December.