Letter - to Minister for Economic Development, Tourism, Sport and Culture re Enveloped Property Transaction Tax review - 20 January 2022

Published on: 20 January 2022

Panel: Corporate Services Panel

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States Greffe: Scrutiny

Senator Lyndon Farnham ,

Minister for Economic Development, Tourism, Sport and Culture

By email

20th January 2022 Dear Minister

Corporate Services Scrutiny Panel Enveloped Property Transactions Tax Review

You may be aware that the Corporate Services Scrutiny Panel is currently undertaking review of the potential Enveloped Property Transactions Tax proposed through P.119/2021, the Terms of Reference for which are appended to this letter.

The Panel anticipates that economic analysis of the introduction of this tax will shortly be published by the Minister for Treasury and Resources and would find your views as Minister for Economic Development of the potential economic effects of P.119/2021 most useful.

The Panel would therefore be obliged if you could provide your interpretation of the economic analysis to provide assurance that there will not be a detrimental impact upon the Island if the introduction of the tax is adopted. The Panel is conducting this work in a short timeframe and would appreciative it if your response could be received by Monday 24th January 2022.

Yours sincerely

Deputy Steve Ahier

Vice Chair, Corporate Services Scrutiny Panel

Corporate Services Scrutiny Panel Enveloped Property Transactions Tax Review Terms of Reference

To undertake scrutiny of the Proposition P.119/2021 - Draft Taxation (Enveloped Property Transactions) (Jersey) Law 202-;
To explore the economic impact of the proposed Enveloped Property Transactions Tax;
To examine the powers afforded to the Minister for Treasury and Resources and Comptroller of Revenue by P.119/2021;
To ascertain the impact of the implementation of the Enveloped Property Transactions Tax on the resources of Revenue Jersey;
To appraise the fairness of the ability to appeal; and,
To deliver a comments paper to the States Assembly by the end of January 2022.