The island has been consulting on changes to its tax system, with some residents fearing it could lead to the introduction of an income tax.
A spokesman for Sark’s Policy & Finance Committee and the Tax Review Committee said any changes to the tax system would need to be approved by Chief Pleas and drafted by Guernsey's law officers.
‘Given that, it is likely that only limited adjustments can be made to the tax system for 2027.
‘Further changes would be for 2028 at the earliest,’ he said.
‘Both committees are committed to ensuring that the community is fully informed throughout this process. More detailed information, including financial modelling and explanatory material will be published in due course.
An information sheet published earlier in January denied any move towards introducing a form of income tax and instead said that Sark was looking towards a ‘fairer, banded, wealth-based regime’ targeted at all island residents aged 18 and over, which would be ‘aligned with international norms’.
It intends that the island, with running costs of about £2.5m. a year, will continue to resist income, capital gains, inheritance or sales taxes.
The spokesman added that Chief Pleas wanted to thank residents who have taken the time to attend the recent three tax surgeries, as well as those who have emailed or spoken directly with conseillers.
‘We are grateful for the continued interest and participation as we work together to develop a fair and sustainable tax system that benefits the community and secures Sark’s future,’ he said.
‘The next step is to review all the comments received at the surgeries, in person and by email, alongside the 2024 consultation results. This will guide the amendments and improvements to the initial proposals.
‘These will be presented at a further set of surgeries for further consultation around Easter-time.’