Budget aims to produce an extra £24k in taxes
PROPERTY tax has been hiked in Sark by nearly 50%, under a shift in emphasis under the island's approved 2016 Budget.
Published
Voted-through changes, aimed at producing an extra £24,000 in direct taxes overall, also attempt to ensure residents with domestic properties are not subject to an overall increase, as far as possible, courtesy of certain provisions.
Property tax is increased from £9.38 per quarter to £14 per quarter, but this will be specifically offset for those who own residential property in Sark through various measures.
This includes the minimum personal capital tax being reduced from £320 to £300 and the maximum PCT to remain at £6,400.
