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Lower tax cap for newcomers to Guernsey – Budget 2018

Found in: Blog  -  

Author: Mark Colver, Director - Grant Thornton Guernsey

Guernsey has again shown its commitment to attract new HNWs within the 2018 Budget issued on 10th October 2017.  The proposed introduction of a lower tax cap for newcomers to Guernsey giving yet again another stimulating tax based incentive.

I am both delighted and frankly amazed at the offer;  which, once approved, will be effective from 2018.

By committing to spend at least £50,000 of duty buying an open market house, which is equivalent to simply spending at least £1.5m on such a property and naturally having to then incur that cost anyway, a newcomer to the island will be granted the ability to cap their Guernsey tax liability at £50,000 for up to four years.  The house must be acquired within 6 months ,either before or after, the date of arrival.

This is a dramatic reduction from the longer standing caps of £110,000 and £220,000 and demonstrates the government’s consistent message to everyone with this new tax rule:

“We are open for business and want you to come and enjoy the islands fantastic benefits”

Mark Colver, Director at Grant Thornton Guernsey

Mark.Colver@gt-ci.com

01481 753400