Treasury Minister hints at tax-rate changes for super-rich immigrants

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SUPER-RICH immigrants could face changes to their tax rates as part of the next Government Plan, the Treasury Minister has hinted.

During this week’s Corporate Services Scrutiny Panel hearing, Deputy Ian Gorst confirmed that there ‘would be changes’ but would not be drawn on what they might be.

Currently, those offered 2(1)E status, so-called high-net-worth individuals, pay 20% tax on their first £725,000 of income and 1% on all income above that amount.

Deputy Gorst, in response to a question from CSSP member Deputy Max Andrews, said: ‘There will be changes in the Government Plan to that regime in line with what is permitted within the existing legislation.

‘That legislation allows for a revalorisation of the minimum rate of tax that they pay.

‘We will have forecast what the revalorisation will give rise to. You will see that in the Government Plan but that is within the existing legislation. The Chief Minister is in the process of undertaking a more substantial review of that regime.’

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