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Guernsey Releases 2014 Budget

by Jason Gorringe,, London

11 October 2013

Guernsey's Treasury and Resources Department said in its 2014 Budget that it plans to reduce the document duty payable on conveyances of real estate in order to stimulate the property market. The measure is expected to save buyers GBP1m over the next year.

The Treasury also proposed a 2.1 percent increase in personal income tax allowances, the same increase as is being recommended for all Social Security Department benefit rates, with the exception of family allowances.

The Treasury and Resources Minister, Deputy St Pier, also said: "To support the achievement of the aim of eliminating the budget deficit in a measured way, modest real-terms increases in indirect taxes are recommended. For example we will be proposing a 1.7 percent real terms increase on most duties and TRP across the board.

"I said last year that the Board's aim was to build a fair, equitable and long-term sustainable tax system. These steps will prepare the ground for formulating the recommendations of the Review of Personal Tax, Benefits and Pensions, with that aim remaining at the forefront of our thinking."

The 2014 Budget also proposes duty increases of 5.7 percent for tobacco, and 5 percent for alcohol, fuel and real property.

TAGS: tax | Personal Tax | budget | Guernsey | Pensions | Pensions | Tax

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