Property slump hits tax takings

Friday 3rd October 2008, 2:29PM BST.

A SLOWING housing market may hit States revenue by close to £5m.

ABConveyance statistics produced by Ray Sebire, of Unusualities of Guernsey, show that fewer local and open market sales up to the end of August will have left the States with that sort of shortfall compared to the same time last year.

Treasury and Resources minister Charles Parkinson (pictured) said he was not panicking, but admitted the States would not be hitting targets in terms of document duty. ‘We were budgeting for a little less than last year because that included some exceptional transactions such as the sales to Sandpiper.

‘But clearly the document duty figures to date are below budget.’

The States was expecting to receive £20m. this year. At the end of June, £8.2m. had been collected.

View more: Housing Market news, Property Sales news.