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Guernsey Lawmakers Adopt 2012 Budget

by Jason Gorringe, Tax-News.com, London

20 December 2011


The States of Guernsey, the island's legislative assembly, has approved the territory's Budget for 2012, endorsing a number of minor tax changes.

The Budget, which received 37 votes in favour and 8 against, includes:

  • 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); and,
  • An increase in Duty on Fuel by 9.8% or GBP0.04 per litre.

A motion brought to alter the extent of increases to the island's property taxes failed to receive favour among deputies, and increases to the tax rates applicable to real estate - by 20% on domestic property (GBP20-25 per annum for a typical property) and 3% for commercial property and land - passed as proposed without change.

TAGS: tax | property tax | fiscal policy | international financial centres (IFC) | budget | Guernsey | offshore

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