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HN6 - SIGNIFICANT CHANGES TO GUERNSEY’S TAXATION SYSTEM - EFFECTIVE 1 JANUARY 2008
The second raft of changes to the Guernsey taxation system were published early November 2007 and were considered by the States of Deliberation on November 28th 2007. These changes will come into effect on 1st January 2008.
Key changes are:
- General rate of income tax payable by Guernsey resident companies to be reduced from 20% to 0%
- Banking activities to be taxed at 10%
- Rental income from Guernsey properties to be taxed at 20%, whether the recipient is resident in Guernsey or outside the island
- Guernsey resident individuals will continue to be taxed on their worldwide income at 20%. However for significant Guernsey resident individual tax payers, there is a cap of £250,000 on the maximum amount payable, on various specified sources of income
- No current plans to introduce wealth taxes, inheritance taxes, capital gains taxes or sales taxes.
If you have any queries please contact the Dixcart office in Guernsey: advice@dixcart.co.gg
Dixcart will issue a detailed Information Note on the changes to the Guernsey taxation system and their implications in January 2008.