Guernsey Press

Treasury publishes 2014 Budget

TREASURY will attempt to get Guernsey's housing market moving by reducing document duty to save buyers £1m. over the next year.

Published

TREASURY will attempt to get Guernsey's housing market moving by reducing document duty to save buyers £1m. over the next year.

In its 2014 Budget report, the department announced it would cut rates permanently, but also make further temporary reductions until October next year in an effort to boost the market.

The changes mean the department will miss out on a predicted £500,000 in income each year, with an additional £500,000 lost as a result of the temporary reduction during the next year.

This year's budget also includes proposals for a 2.1% increase in personal income tax allowances, a 5.7% increase in tobacco duty and 5% on alcohol and fuel.

Tax on Real Property will also increase by 5%.

Deputy St Pier said his second budget as Treasury minister was realistic and cautious. 'It's reflective of the current state of the economy,' he said.

'We know we've got a deficit to close but it's important that we don't make any radical moves to close it - we don't want to take spending out of the economy.'

See today's Guernsey Press for an extensive breakdown of the Budget

Sorry, we are not accepting comments on this article.