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Tax for Companies

Up to and including 2007, companies and individuals paid income tax at the rate of 20%. From 2008 onwards, whilst individuals continue to pay tax at 20%, there are three rates for companies, depending upon the source of income.

Up to and including 2007, companies and individuals paid income tax at the rate of 20%. From 2008 (2013 where marked with an *) onwards, whilst individuals continue to pay tax at 20%, there are three rates for companies, depending upon the source of income.  The rates are:

Company Standard Rate - 0% (income from businesses, offices and employments and other sources)

Company Intermediate Rate - 10% (income from banking business, domestic insurance business*, fiduciary business*, insurance intermediary business* and insurance manager business*).

Company Higher Rate - 20% (income from trading activities regulated by the Office of the Director General of Utility Regulation, and income from the ownership of lands and buildings).

The Income Tax (Zero 10) (Deemed Distributions) (Repeal) (Guernsey) Ordinance, 2012 repealed the deemed distribution provisions with effect from 1 January 2013. From 1 January 2013, actual distributions shall be deemed to have been made from the company's undistributed income and only from the company's other income (i.e. pre 2008 income, post 2008 income taxed at 20% or more reserve pools) and capital to the extent that the company's undistributed income is insufficient to cover the amount of the distribution, in accordance with section 81B(17).

There is no separate corporation tax. Guernsey levies no capital gains, inheritance, capital transfer, value added (VAT / TVA) or general withholding taxes

Please see the pdf below for information on distributions and also the repealed deemed distribution provisions.

 Distributions and the repeal of the deemed distribution provisions [136kb]

 Company Intermediate Rate (Form 691) [47kb]

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