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WRITTEN QUESTION TO THE MINISTER FOR TREASURY AND RESOURCES BY DEPUTY T.M. PITMAN OF ST. HELIER
ANSWER TO BE TABLED ON TUESDAY 17th MAY 2011
Question
Will the Minister clarify how many 1(1)(k) residents currently reside in the Island; further still, clarify with the latest tax year figures available how many of these paid less than the £100,000 benchmark and within this figure how many paid in the following lower brackets?
- Less than £5,000
- Between £5,000 - £10,000
- Between £10,000 - £15,000
- Between £15,000 - £20,000
Answer
From latest figures available (Year of Assessment 2009) the number of high net worth individuals currently resident in the Island is 137.
Eighty-two of those individuals are paying less than £100,000 income tax per annum. The specific figures in the lower brackets requested by the Deputy are as follows:
- Less than £5,000 17 individuals
- Between £5,000 - £10,000 9 individuals
- Between £10,000 - £15,000 6 individuals
- Between £15,000 - £20,000 6 individuals
Current indications are that:
for the 82 individuals each paying less than £100k the total tax payable will be approximately £2.25 million;
for the 55 individuals each paying more than £100k the total tax payable is expected to exceed £9.5 million
The Minister will be announcing new 1(1)(k) legislation within the next 2 weeks.