Duty is for any freehold transaction and Land Transaction Tax is for any Share Transfer transaction.
What is Stamp Duty?
Some direct definitions for the internet below:
Stamp Duty is payable on all acquisitions or transfer of all freehold and flying freehold property, unless the transaction in question benefits from specific relief. Unless otherwise agreed between the contracting parties, stamp duty is ordinarily payable by the purchaser. It must be paid in full prior to the passing of contract, with the stamps or a corresponding treasury receipt being affixed to the contract.
Land Transaction Tax (“LTT”) is governed by the Taxation (Land Transactions) (Jersey) Law 2009. This law came into force on the 1st January 2010 and was designed to bring the tax treatment of share transfer properties in line with freehold acquisitions. Previously no tax was paid on transactions involving share transfer property.
The values of both are comparable and there is a scale set so that for example first time buyers have stamp duty relief and more expensive properties have a much higher stamp duty.
You can work your Stamp Duty out here.
There are properties on the island that are exempt however they are very rare.
