Saint Lucia

Individual - Sample personal income tax calculation

Last reviewed - 29 January 2021

Assumptions

  • Married person resident in Saint Lucia with two children; one child attends a university overseas; spouse has no assessable income.
  • Employment income: XCD 150,000, net of National Insurance Corporation contributions.
  • Director's fees: XCD 6,000.
  • Bank interest received: XCD 12,000 (Bank in Saint Lucia).
  • Dividend income received: XCD 8,000.
  • Mortgage interest paid: XCD 18,000.
  • Life insurance premiums: XCD 9,000 (insured amount: XCD 250,000).
  • Capital gain on sale of investments: XCD 60,000.

Tax computation

Gross income  XCD  XCD
Income from employment   150,000
Director's fees   6,000
Bank interest received   12,000
Dividends received   8,000
Capital gain on sale of investments   60,000
    236,000
Deduct tax-exempt income:    
Bank interest (12,000)  
Dividends (8,000)  
Capital gain (60,000) (80,000)
    156,000
Less allowances:    
Personal allowance (18,000)  
Spouse allowance (1,500)  
Child allowance (1 x 1,000) (1,000)  
Child higher education allowance (1 x 5,000) (5,000)  
Medical expenses (standard) (400)  
Life insurance premiums (restricted) (8,000) (33,900)
    122,100
Less owner-occupied property expense:    
Mortgage interest (maximum) (18,000)  
Property taxes (2,000)  
Insurance premium (1,500)  
Upkeep and maintenance (1,500) (23,000)
Chargeable income   99,100
   
Tax    
On the first 30,000   4,500
On the remaining XCD 69,100 at 30%   20,730
Total tax payable   25,230