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Guernsey 2012 Budget Contains Minor Tax Hikes

by Amanda Banks, Tax-News.com, London

23 November 2011


Guernsey's Treasury and Resources Department has published its 2012 Budget Report, proposing tax hikes on alcohol, tobacco, fuel and property.

The Department has recommended:

  • A 1.7% increase in personal income tax allowances (GBP150 on the Single Persons Allowance);
  • A 6.5% increase in the rate of duty on tobacco (GBP0.21 on an average pack of 20 cigarettes);
  • A 3.0% increase in the rate of duty on alcohol (GBP0.01 on a pint of beer, GBP0.05 on a 750ml bottle of wine and GBP0.30 on a litre of spirits);
  • An increase in Duty on Fuel by 9.8% or GBP0.04 per litre.
  • Increases in the tax rates applicable to real property, by 20% on domestic property (GBP20-25 per annum for a typical property) and 3% for commercial property and land.

The Department's Minister, Charles Parkinson stated: “This Budget proposes modest increases in indirect taxes, coupled with tough constraints on spending, to further reduce the States' deficit. More fundamental tax reform will have to await the conclusion of Guernsey's review of its corporate tax regime. It is now highly unlikely that the review will be completed during this parliamentary term, but we hope to be able to give the States and the island an indication of our preferred direction of travel early in 2012.”

TAGS: tax | investment | property tax | fiscal policy | real-estate | international financial centres (IFC) | budget | Guernsey | excise duty | offshore | tax rates

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