Rich residents pay up £10.7m in income tax

Rich residents pay up £10.7m in income tax

There are currently 136 people living in the Island on 1(1) k status and they handed over a total of £10.7 million in 2002.The figures were given to the States this morning by Finance and Economics president Senator Terry Le Sueur who also confirmed that the ‘benchmark’ minimum annual tax bill for new wealthy immigrants had been dropped from £250,000 to £100-150,000.’In the last three years or so, the UK stock market has suffered a significant decline, albeit with a rise in the last few months, and interest rates are at a 40 year low, so the tax contribution expected of a potential 1(1)k resident has been reduced accordingly to reflect these market realities,’ he said.

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