Saint Lucia
Individual - Sample personal income tax calculation
Last reviewed - 01 December 2023
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 |
(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 |
