NO CGT ON GUERNSEY PROPERTY

In his Budget Statement yesterday, the UK Chancellor announced plans to extend capital gains tax to cover the disposal of £2m+ UK residential property owned by non residents. This will have the inevitable consequence of reducing any potential investment return on property purchase in the UK for some people.

This is probably a good time to remind potential purchasers of Guernsey property that the island has no Capital Gains Tax – as well as many other fiscal benefits. The island continues to maintain its aim of a low tax and spend economy and remains a safe and profitable environment for property investment.