P&R Says Employment Generates 75%-80% of £353 Million Income Tax Ahead of Strategy Debate
Updated
Updated · Guernsey Press · Jun 5
P&R Says Employment Generates 75%-80% of £353 Million Income Tax Ahead of Strategy Debate
1 articles · Updated · Guernsey Press · Jun 5
Summary
Employment income produced 75%-80% of the island’s £353 million net income tax take, according to broad figures released by P&R before a States debate on tax strategy.
P&R said it could not provide the 16-category breakdown sought by Deputy Collins, but estimated pensions at 8%-10%, self-employment and dividends at 7%-9%, bank interest at 3%-4%, and net property income at up to 2%.
Collins said the data would help members judge whether the current system can handle proposed changes including a 15% standard income-tax rate, a 20% higher rate, a new GST and new social security allowances.
A policy letter is due Monday, and Collins said he plans to present an alternative package to States members in the following weeks.