Guernsey Press

Chancellor shifts his offshore Budget focus to stamp duty

UK CHANCELLOR George Osborne will make announcements in tomorrow's Budget that could have an impact on Guernsey's finance industry.

Published

UK CHANCELLOR George Osborne will make announcements in tomorrow's Budget that could have an impact on Guernsey's finance industry.

But this Budget is not expected to cause anything like the blow of 2011's when the scrapping of low value consignment relief was first announced.

Mr Osborne, pictured, confirmed at the weekend on BBC's Andrew Marr Show that he would be proposing aggressive new measures to stop rich people who put homes into offshore companies to avoid stamp duty, which is a variable percentage of a property's value.

Reports over the weekend linked Guernsey to the practice.

Ernst & Young tax partner Graham Parrott said the action in itself would not be a disaster for Guernsey, which is bringing in a similar measure itself.

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