Guernsey, Channel Islands

Overview

Last reviewed - 20 December 2023

The Channel Islands, located in the English Channel, are the last remnants of the medieval Dukedom of Normandy. Guernsey, which encompasses the 10 parishes on the Island of Guernsey as well as the islands of Herm, Jethou, Burhou, and Lihou, is a British Crown dependency. Alderney is the closest of the Channel Islands to France, as well as being the closest to England, and is part of the Bailiwick of Guernsey. The only parish of Alderney is the parish of St. Anne, which covers the whole island. The United Kingdom (UK) is constitutionally responsible for defence and international representation of the Channel Islands. The capitals of Guernsey and Alderney are St. Peter Port and St. Anne respectively. The official languages of Guernsey are English and French. The currency in Guernsey is the British pound sterling (GBP).

Financial services, including banking, fund management, and insurance, have a major influence on employment and the economy in Guernsey. There has been economic growth in the financial services, construction, retail, and public sectors. Low income taxes and death duties make Guernsey and Alderney a popular destination.

PwC Channel Islands has one of the largest and most experienced corporate and personal tax departments in the Islands, with offices in Jersey and Guernsey. The breadth of knowledge and expertise, and the international perspective offered by its tax specialists, has been gained through working in a number of firms tax practices within the PwC global network. PwC Channel Islands is able to assist businesses and individuals with both local and international tax challenges. These professionals embrace all aspects of tax problem solving, from ideas to implementation, by blending the skills of financial and tax specialists with economists, lawyers, and our other in-house experts, as necessary.

Quick rates and dates

Corporate income tax (CIT) rates
Headline CIT rate (%)

Corporate: 0;

Banking, custody services, insurance, certain fund administration businesses, regulated investment management services to individual clients, operating an investment exchange, compliance and other related activities provided to regulated financial services businesses, and operating an aircraft registry: 10;

Income from property, importation of hydrocarbon oil and gas, retail businesses where taxable profits are above GBP 500,000, income from the licensed activity of cultivation of cannabis plants, and income from the use of those cultivated cannabis plants or parts of those cultivated cannabis plants: 20.

Corporate income tax (CIT) due dates
CIT return due date

Year of charge 2022: 29 February 2024;

Year of charge 2023: 31 January 2025;

Year of charge 2024: 30 November 2025;

Year of charge 2025 onwards: 30 November

CIT final payment due date

Within 30 days of the final assessment issued by the Revenue Service.

CIT estimated payment due dates

Four instalments due by the 15th day after the end of the relevant quarter in the year of charge (i.e. 15 April, 15 July, 15 October, and 15 January).

Personal income tax (PIT) rates
Headline PIT rate (%)

20

Personal income tax (PIT) due dates
PIT return due date

Calendar year 2022: 29 February 2024;

Calendar year 2023: 31 January 2025;

Calendar year 2024: 30 November 2025;

Calendar year 2025 onwards: 30 November

PIT final payment due date

Payment is due within 30 days of an assessment being raised by the Revenue Service following the submission of the tax return.

PIT estimated payment due dates

Tax is deducted from wages under the Employees Tax Instalment (ETI) system.

Self-employed and non-employment related income: Tax is payable in four instalments due by the15th day after the end of the relevant quarter in the calendar year (i.e. 15 April, 15 July, 15 October, and 15 January).

Value-added tax (VAT) rates
Standard VAT rate (%)

NA

Withholding tax (WHT) rates
WHT rates (%) (Dividends/Interest/Royalties)

Resident corporation: 0 / 0 / NA;

Resident individual: 0, 10, or 20 / 0 / NA;

Non-resident: 0 / 0 / NA

Capital gains tax (CGT) rates
Headline corporate capital gains tax rate (%)

NA

Headline individual capital gains tax rate (%)

NA

Net wealth/worth tax rates
Headline net wealth/worth tax rate (%)

NA

Inheritance and gift tax rates
Headline inheritance tax rate (%)

NA

Headline gift tax rate (%)

NA

NA stands for Not Applicable (i.e. the territory does not have the indicated tax or requirement)

NP stands for Not Provided (i.e. the information is not currently provided in this chart)

All information in this chart is up to date as of the 'Last reviewed' date on the corresponding territory Overview page. This chart has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this chart without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this chart, and, to the extent permitted by law, PwC does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this chart or for any decision based on it.