Guy Hands is out of touch with open market residents
I HAVE just read Guy Hands' letter in the Guernsey Press and it shows how out of touch he is with the residents of open market houses in Guernsey. Most of the residents in Guernsey’s open market houses are not billionaires whose houses represent a tiny proportion of their net worth, but are retirees whose houses represent a substantial part of their net worth.
The average price of an open market house in Guernsey is in the region of £2m. and most of the residents living in them are retirees living on a pension and investments and the house represents a substantial amount of their net worth.
To implement Mr Hands’ suggestion would destroy any reason for a retired person purchasing a house in Guernsey. In many cases the tax that Mr Hands suggests would represent a major portion of the income of the retiree.
I would suggest that the cap on tax be removed so that anyone – either local or open market resident – would pay the tax due on their worldwide income and not be able to have a tax-free income.
DON STEWART
Le Manoir de la Tortue
La Grande Rue
St Saviour’s