Thursday 28 September 2023
Ahead of the debate on the Funding & Investment Plan, the Policy & Resources Committee is re-publishing more than 20 case studies showing what its proposed sustainable tax package would mean for different households on different levels of income.
These case studies were published earlier in the year, but remain accurate. They represent a wide range of households, looking not only at various levels of income but also other relevant factors such as how many members of the household there are, their ages, and whether they rent or own their home. Each case study is based on a real household.
Deputy Peter Ferbrache, President of the Policy & Resources Committee said
"Understandably many people really just want to know what does the tax package mean for them. There are a number of elements to the package, including improved tax allowances, a reduction in income tax, the introduction of social security allowances, increases to pensions and benefits and the introduction of a Goods and Services Tax. It isn't straightforward to work out what that means for each person when you put those altogether.
Some people have asked me if we can provide an online 'calculator' but given the complexities of each household's individual tax affairs, that would be a very costly and complex online program to develop. Nonetheless, we really want to help provide people with the information they are asking for, and so I hope the 20-plus case studies will serve to give people a good idea of the sort of effect the tax package would have on their household."
The case studies can all be found on www.ourfuture.gg/public-finances or downloaded from right-hand side of this page.