Categories:Private Client

The International Comparative Legal Guide to private client 2013: Guernsey


Guernsey has its own independent system and law of taxation. The governing law is, inter alia, the Income Tax (Guernsey) Law 1975, as amended. There are no capital gains, inheritance, capital transfer, value added or general withholding taxes under Guernsey law.

Tax on income is charged at a flat rate of 20%. It is payable by resident individuals on their worldwide income, including certain benefits in kind. Non-resident individuals are taxed only on income arising in Guernsey other than, by concession, interest arising on bank deposits. For high value residents in Guernsey there are also caps restricting an individual’s liability to income tax. Currently, there is an annual cap of £110,000 for income tax payable on non-Guernsey source income, and also, in certain circumstances, a potential to also cap Guernsey source income such that the tax paid for all income does not exceed £220,000.

Guernsey’s authorities are open to applications from new business entrants seeking, in particular, to avail themselves of the 10% tax rate applicable to regulated financial services businesses and to take advantage of the tax neutral status in Guernsey of certain investment fund vehicles…

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