Saint Lucia
Individual - Sample personal income tax calculation
Last reviewed - 28 August 2024Assumptions
- 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 | (25,000) | |
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) | (40,900) |
115,100 | ||
Less owner-occupied property expense: | ||
Mortgage interest | (18,000) | |
Property taxes | (2,000) | |
Insurance premium | (1,500) | |
Upkeep and maintenance | (1,500) | (23,000) |
Chargeable income | 92,100 | |
Tax | ||
On the first 15,000 | 2,250 | |
On the next 15,000 | 3,000 | |
On the remaining XCD 62,100 at 30% | 18,630 | |
Total tax payable | 23,880 |