Guernsey, Channel Islands

Guernsey operates a flat 20% income tax rate for all individuals resident in Guernsey or deriving Guernsey-source income.

The 2024 Guernsey Budget introduced a number of changes in the field of personal taxation.

The personal allowance has been increased from 13,025.00 British pounds sterling (GBP) to GBP 13,900.00, and earners of more than GBP 80,000.00 will have their allowance reduced by GBP 1 for every GBP 5 exceeding this limit. This withdrawal of allowances has been extended beyond the personal allowance (see the Deductions section).

Interim assessments for individuals will now be issued prior to the commencement of the year of charge with instalment payments now due at each calendar quarter (i.e. 15 April, 15 July, 15 October, and 15 January). This is expected to come into effect from the 2024 calendar year.

Social security rates have been increased from 6.80% to 6.90% for the employer contribution and from 7.00% to 7.20% for the employee contribution. Self-employed contributions have been increased from 11.60% to 11.90%.  Lower earnings limits have been increased to GBP 175.00 (weekly) and GBP 758.33 (monthly), and upper earnings limits for both employer and employee have been increased to GBP 3,459.00 (weekly) and GBP 14,989.00 (monthly).

Couples are no longer subject to joint taxation, and each individual is now required to be responsible for their own taxes, including filing tax returns and making any payments due.

Document duty will be charged at 0% on the first GBP 400,000 of a replacement principal private residence being purchased, subject to meeting certain conditions. This is expected to end on 31 December 2024.

Tax return due dates

The Guernsey Revenue Service has decided to initiate steps to reinstate the original annual filing deadline of 30 November as follows:

• Calendar year 2022: 29 February 2024
• Calendar year 2023: 31 January 2025
• Calendar year 2024: 30 November 2025
• Calendar year 2025 onwards: 30 November