It looks certain that Finance and Economics will face the greatest challenge to a Budget that has ever been mounted.Deputy Lyndon Farnham is putting together a series of amendments which, if successful, will leave £6m or £7m deficit, but he says that will force the States to take tough decisions on cutting public spending.As vice-president of the Economic Development Committee, Deputy Farnham is hoping to persuade the department to take the proposals to the States.Deputy Farnham has been working on his proposals with the Constable of St Helier, Simon Crowcroft, and Deputy Jennifer Bridge.
The amendments are likely to include:? The abolition of VRD.? The phasing out of mortgage tax relief at ten per cent a year over ten years, with a cap set in accordance with the average house price each year.
For this year that would be £322,000 instead of £275,000, proposed by Finance.? No increases in stamp duty, except for properties worth more than £750,000.? A freezing of duty on beer and cider.? No increase in the penalty for late payment of tax and the introduction of incentives for early payment.? Accommodation and food for tourism workers to be exempted from ‘benefits in kind’.
