Tax changes for individuals - effective January 2015
Interest cap on tax relief for a principal private residence reduced from £25,000 to £15,000 (doubled for married couples where each spouse is a borrower).
Exemption for first £50 of bank/savings interest for an individual (doubled for married couples where each spouse receives interest).
Married Persons Allowance only available if both spouses are resident in Guernsey.
Non-resident married persons receiving Guernsey source pensions will only be entitled to the relevant proportion of Single Persons Allowance for each spouse receiving pension in own right.
Occupational pensions –amended so that any benefits paid from an approved occupational pension scheme are taxable (subject to usual tax free lump sum), irrespective of whether or not the recipient has ever been resident in, or worked in, Guernsey.
Compensatory awards made by the Employment and Discrimination Tribunal for unfair dismissal fall within the definition of “emoluments” and are therefore taxable (subject to the £30,000 exemption for termination payments).