Amendment

Proposed Budget (Government Plan) 2026-2029 (P.70/2025): sixth amendment. Stamp Duty holiday for right-sizing homes

Published on: 19 November 2025

Lodged by: Tom Coles

Debate date: 9 December 2025

Reference: P.70/2025 Amd.(6).

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STATES OF JERSEY

PROPOSED BUDGET (GOVERNMENT PLAN) 2026-2029 (P.70/2025): SIXTH AMENDMENT

STAMP DUTY HOLIDAY FOR RIGHT-

SIZING HOMES

Lodged au Greffe on 19th November 2025 by Deputy T.A. Coles of St. Helier South Earliest date for debate: 8th December 2025

STATES GREFFE

2025 P.70 Amd.(6)

PROPOSED BUDGET (GOVERNMENT PLAN) 2026-2029 (P.70/2025): SIXTH AMENDMENT

____________

1 PAGE 3, PARAGRAPH (b)(xii) –

After the words "in the Appendix to the accompanying Report" insert the words –

", except that on page 36 after the words "future Budgets", there should be inserted a new paragraph as follows –

"Stamp Duty Holiday for Right-Sizing Homes

The Government will undertake an investigation to establish a stamp duty holiday for those who are purchasing properties to down-size, alongside a framework to accurately track these transactions. A down-sizing transaction will be defined as one that involves those who are selling their current home to purchase a home with fewer bedrooms. The purpose of this stamp duty holiday will be to further incentivise right-sizing to increase the supply of family homes.".

DEPUTY T.A. COLES OF ST. HELIER SOUTH

Note: After this amendment, the proposition would read as follows –

THE STATES are asked to decide whether they are of opinion

In accordance with Article 16 of the Public Finances (Jersey) Law 2019 (the Law) to approve an amendment to the Government Plan 2025 – 2028 (entitled "Budget 2025 – 2028") to a reduction in the 2025 head of expenditure "Grants to States Funds" as included in Table 5(i) Revenue Heads of Expenditure of that Government Plan from £119,821,000 to £69,821,000.
To receive the Government Plan 2026 – 2029 (entitled "Budget 2026-2029") specified in Article 9(1) of the Law and specifically –

to approve the estimate of total States income to be paid into the Consolidated Fund in 2026 as set out in Appendix 2 – Summary Table 1 to the Report, which is inclusive of the proposed taxation and impôts duties changes outlined in the Government Plan, in line with Article 9(2)(a) of the Law.
to refer to their Act dated 24th June 2003 in which they approved that no new user pays' charges be introduced without any such charge receiving prior in principle approval by the States Assembly and accordingly to approve the introduction of two new charges, to be levied by Health and Care Jersey to promote appropriate use of the Emergency Department and for repeated non-attendance of outpatient appointments, detailed in the section entitled "Departmental Income Sources" as set out in the Appendix to the accompanying Report.

to approve the proposed Changes to Approval for financing/borrowing for 2026, as shown in Appendix 2 – Summary Table 2 to the Report, which may be obtained by the Minister for Treasury and Resources, as and when required, in line with Article 9 (2)(c) of the Law, of up to those revised approval amounts.
to approve the transfers from one States fund to another for 2026 of up to and including the amounts set in Appendix 2 – Summary Table 3 in line with Article 9(2)(b) of the Law.
to approve a transfer from the Consolidated Fund to the Stabilisation Fund in 2026 of up to £50 million, subject to a decision of the Minister for Treasury and Resources based on the availability of funds in the Consolidated Fund as at 31st December 2025 in excess of the estimates provided in this plan, or from budgeted underspends identified before 31st December 2026.
to approve a transfer from the Consolidated Fund to the Agricultural Loans Fund in 2026 of up to £5 million, subject to a decision of the Minister for Treasury and Resources based on availability of funds in the Consolidated Fund as at 31st December 2025 in excess of estimates provided in this plan, or from budgeted underspends identified before 31st December 2026;
to approve each major project that is to be started or continued in 2026 and the total cost of each such project and any amendments to the proposed total cost of a major project under a previously approved Government Plan, in line with Article 9(2)(d), (e) and (f) of the Law and as set out in Appendix 2 – Summary Table 4 to the Report.

viii. to approve the proposed amount to be appropriated from the

Consolidated Fund for 2026, for each head of expenditure, being gross expenditure less estimated income (if any), in line with Articles 9(2)(g), 10(1) and 10(2) of the Law, and set out in Appendix 2 – Summary Tables 5(i) and (ii) of the Report.

to approve the estimated income, being estimated gross income less expenditure, that each States trading operation will pay into its trading fund in 2026 in line with Article 9(2)(h) of the Law and set out in Appendix 2 – Summary Table 6 to the Report.
to approve the proposed amount to be appropriated from each States trading operation's trading fund for 2026 for each head of expenditure in line with Article 9(2)(i) of the Law and set out in Appendix 2 – Summary Table 7 to the Report.
to approve the estimated income and expenditure proposals for the Climate Emergency Fund for 2026 as set out in Appendix 2 – Summary Table 8 to the Report.

to approve, in accordance with Article 9(1) of the Law, the Government Plan 2026-2029, as set in the Appendix to the accompanying Report, except that on page 36 after the words "future Budgets", there should be inserted a new paragraph as follows –

"Stamp Duty Holiday for Right-Sizing Homes

REPORT

Summary

This amendment seeks to establish a one-off stamp duty discount for Islanders who sell their home and purchase another with fewer bedrooms. By easing this specific cost burden at the point of transaction, we can help remove one of the most frequently cited barriers that prevents people from right-sizing.

Alongside this, the framework required to administer the discount will generate consistent and reliable data on right-sizing patterns, helping to inform future policy.

Background

In the 2024-2027 Government Plan debate, I brought forward an amendment that secured agreement in principle for a right-sizing initiative. That work culminated in the publication of the Right-sizing Policy in May 2024 by the Minister for Housing. As this policy fell outside the Minister's financial remit, it did not include any mechanism to reduce or waive stamp duty for those choosing to move to a smaller, more suitable home. This omission was regrettable, given that the 2022 Right-sizing Report identified stamp duty as the second most significant financial deterrent to downsizing.

This amendment does not seek to pressure or displace anyone. Its purpose is simply to remove an unnecessary barrier that discourages people who want to right-size from make a decision that is already emotionally weighty.

Conclusion

A one-time stamp duty discount would remove one of the main obstacles identified in the 2022 Right-sizing Report. It would support Islanders who wish to move into homes that better fit their circumstances, while also releasing larger family homes back into the market for younger households who desperately need them.

There is also a wider economic benefit. By increasing the number of transactions, this measure could help stimulate the housing market and generate activity in other sectors that depend on it. It is a modest, practical reform that speaks to fairness, efficiency and the sensible use of our housing stock.

Financial and staffing implications

Though there will be a loss in "expected revenue" from these transactions, it is important to remember that there will be another purchase taking place that will generate a stamp duty collection, as a property sold will need a buyer.

This mechanism can be developed using resources currently within the department. Children's Rights Impact Assessment

I consider that this proposition (amendment) has no direct or indirect impact on children and that the duty to have due regard to the UN Convention on the Rights of the Child does not arise. Accordingly, a Children's Rights Impact Assessment is not required under the Children (Conventions Rights) (Jersey) Law 2022.

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