Land Development Tax or equivalent mechanisms (P.147/2011): addendum.
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STATES OF JERSEY
LAND DEVELOPMENT TAX OR EQUIVALENT MECHANISMS (P.147/2011): ADDENDUM
Presented to the States on 2nd November 2011 by the Deputy of St. Mary
STATES GREFFE
2011 Price code: A P.147 Add.
ADDENDUM TO P.147/2011
Financial and manpower statement
Clearly the development of taxation falls squarely within the work of the Treasury Department, which has been recently beefed up to deal with their workload, of which this is part.
The potential revenue implications are alluded to in my paragraphs 12 and 13. The scale of rezonings in the immediate future is admittedly nothing like what happened as a result of the 2002 Island Plan, but this revenue stream will affect States income far into the future. There is also a trigger mechanism on the Island Plan H1 developments on States-owned land, which may very well bring very large sites with very large uplifts back to the House within 2 years. There are also all the dwellings built by people on their own land, which include a land value uplift which can be captured at some future point (see my paragraphs 32 and 46).
So long as the revenue exceeds the costs of implementation, which they surely will, then this proposal is worthwhile as it removes a gross unfairness from our society.
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P.147/2011 Add.