Wealthy residents pay £52million in tax

Tuesday 16 August 2016

Two-hundred and fifty-one wealthy residents in the Island paid just over £52million in tax in 2014.

A Freedom of Information question shows that during 2014 there were 182 tax payers who were in the £500,000 to £999,000 bracket, and a further 69 people in the greater than £1million pound bracket.

As these high fliers earn so much money, they are taxed in a slightly different way to most Islanders.

For those High Value Residents who came to the Island between 1 January 2005 and 21 July 2011, 20% income tax is levied on all income arising in Jersey, and on the first £1million of all income arising outside of Jersey, 10% on the next £500,000 of income arising outside of Jersey and 1% on all other income arising outside of Jersey.

For those who arrived in the Island post July 22nd 2011, 20% income tax is levied on the first £625,000 of all income; 20% income tax is levied on all income from land and buildings in Jersey, or dividends paid from a company in receipt of Jersey property income, and 1% income tax is levied on all income above that level.

In all almost £400million in tax was collected in 2014, meaning almost 13% of the total came from wealthy residents.