Employees may deduct expenses incurred wholly and exclusively in the performance of the duties of their employment, but only to the extent that these expenses are not reimbursed by the employer.
Personal allowances and deductions
In determining chargeable income, a resident individual, upon due claim, is allowed the following deductions:
|Allowances and deductions||XCD|
|Personal allowance (pensioners)||24,000|
|Spouse allowance (1)||1,500|
|Maintenance or alimony (under court order)||Actual|
|Child allowances||1,000 to 2,000|
|Deduction for higher education||5,000|
|Deduction for life insurance, other retirement benefits:|
|Premiums paid in Saint Lucia (2)||8,000|
|Premiums paid outside Saint Lucia (3)||3,000|
|Allowance for housekeeper (maintenance or relative)||200|
|Allowance for dependent relative||350|
|Mortgage interest (maximum) (4)||18,000|
|Upkeep and maintenance||Up to 10,000|
|Purchase and installation of a new solar water heating system||Up to 6,500|
|Donations to charitable, religious, educational institutions (under deed of covenant for at least three years) (5)||Actual|
|Medical expenses (6)||Actual|
|Purchase of shares in building or cooperative societies||Up to 5,000|
|Investment in a Registered Home Ownership Plan||Up to 6,000|
|Interest on a student loan||Up to 3,000|
|Purchase of new shares in a resident public company||Up to 5,000|
- Reduced dollar-for-dollar to the extent the spouse's assessable income exceeds XCD 1,500.
- A maximum of 10% of assessable income to a maximum of XCD 8,000.
- 50% of the premium, but limited to the higher of 5% of assessable income or XCD 3,000.
- The deduction allowable for first-time homeowners with respect to interest upon money borrowed and applied for the acquisition or construction of an owner-occupied dwelling house during the period 1 January 2009 to 31 December 2010 must not exceed XCD 20,000.
- Actual, but may not exceed 25% of assessable income.
- Standard deduction of XCD 400 if no actual expenditure.