Guernsey

Guernsey high earners may contribute more

  • 18 August 2012
  • From the section Guernsey

Social security contributions are set to remain the same for the majority of Guernsey taxpayers except for high earners who could be asked to pay more.

The changes to contributions rates are due to be debated by the States in September.

If approved people would contribute on earnings up to £119,340, it is currently £105,144. It means people could pay an extra £850 a year.

The changes would take effect from 1 January 2013.

The Social Security Department said at 2012 levels 3% of employed and 15% of self-employed people paid on earnings at the upper limit or higher.

The upper earnings limit for employers could also change from £125,268 to £129,792, an increase in payments of £4,500 a year.

The department said it this was the penultimate step in moves to make the upper limits the same for everyone.

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