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Tax cap seeks to breathe new life into Open Market

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AN INJECTION of new life will be pumped into the Open Market, it is hoped, as proposals to bring the tax cap down on transactions to £50,000 have been put forward.

Proposals in the 2018 Budget aim to bring the tax cap down on open market transactions to £50,000. (Picture by Adrian Miller, 19562503)

This new cap would come into effect on January 1 2018, and apply to new residents in Guernsey who pay a minimum of £50,000 in document duty on their purchase.

The recommendation has been put forward in the 2018 Budget, as Policy & Resources said it had a ‘strong desire to stimulate the Open Market’, after its property transaction numbers in that sector have fallen dramatically in the last decade.

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