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No comfort for Middle Jersey
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On the positive side, there are, as promised, no unpleasant surprises in the shape of swingeing new taxes. Also, a proposed three per cent rise in income tax exemption thresholds, although merely in line with inflation, would benefit taxpayers to the tune of £5 million. And the proposal to extend Stamp Duty relief for first-time buyers for an additional period will be widely welcomed.
There is, however, little to comfort hard-pressed Middle Jersey. If the States agree, income tax allowances will remain unchanged. In addition, tax relief on life insurance premiums will finally disappear as the ’20 means 20′ policy takes full effect.
But what of missing elements? Crucially, the issue of taxing companies which operate in Jersey but are based elsewhere does not feature. Action to resolve this costly and unjust anomaly has been promised and it will not be possible see this Budget in its full context until it materialises.
In this respect again, Middle Jersey loses out. Revenue gathered from companies which currently escape taxation could redress the balance between personal and corporate taxation, which is currently heavily weighted towards the individual taxpayer.
Many eyes will also be on proposed changes in the duty payable on alcohol, tobacco and fuel. Significant increases – of ten per cent for wines, spirits and tobacco – are on the table, but these would raise comparatively modest sums for the exchequer. The driving force behind the proposed increases seems to be the public health issue and strategies designed to curb the Island’s enthusiasm for drink and cigarettes.
Meanwhile, the list of capital projects in the Budget document is potentially encouraging. As the wise heads of the Fiscal Policy Panel have emphasised, the economy is in dire need of fresh stimulation.
It might be entirely justifiable for Treasury Minister Philip Ozouf to point out once again that the Island’s public finances are in a much better state than those of so many other communities. This is, of course, important, but healthy States reserves and balance sheets are not the same thing as a healthy economy and they are remote matters as far as the man in the street feeling the ever more painful pinch is concerned.
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