Income Tax (Tax Relief on Interest Payments) (Guernsey) (Amendment) Ordinance, 2015

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The Income Tax (Tax Relief on Interest Payments)
(Guernsey) (Amendment) Ordinance, 2015
 
THE STATES, in pursuance of their Resolution of the 29th October, 2015[a], and in exercise of the powers conferred on them by sections 39A, 203A and 208C of the Income Tax (Guernsey) Law, 1975, as amended[b] and all other powers enabling them in that behalf, hereby order:-
 
Amendment of Ordinance.
1.      For section 1(2)(b)(ii) of the Income Tax (Tax Relief on Interest Payments) (Guernsey) Ordinance, 2007[c], substitute the following subparagraph -
 
"(ii)      the amount of interest paid and in respect of which the deduction is claimed exceeds the amount specified in column 1 of the table below for any individual borrower (or the amount specified in column 2 for a married couple where each party to the marriage is the borrower) in the applicable year of charge specified in column 3 :-
1.
Amount for an individual borrower
2.
Amount for a married couple
3.
Year of charge in which those amounts are applicable
£13,000
£26,000
2016
£11,000
£22,000
2017
£9,500
£19,000
2018
£8,000
£16,000
2019
£6,500
£13,000
2020
£5,000
£10,000
2021
£3,500
£7,000
2022
£2,000
£4,000
2023
£1,000
£2,000
2024
£0
£0
2025
and subsequent years
of charge".
 
 
Citation.
2.      This Ordinance may be cited as the Income Tax (Tax Relief on Interest Payments) (Guernsey) (Amendment) Ordinance, 2015.
 
Commencement.
3.      This Ordinance shall come into force on the 1st January, 2016.
[a]

Proposition V of Billet d'État No. XIX of 2015.

[b]

Ordres en Conseil Vol. XXV, p. 124; section 39A was inserted by Order in Council No. XVII of 2001 (Ordres en Conseil Vol. XLI, p. 597); section 203A was inserted by Order in Council No. XVII of 2005; and section 208C was inserted by Order in Council No. V of 2011.

[c]

Ordinance No. I of 2008 (Receuil d'Ordonnances Tome XXXIII, p. 1); subparagraph (ii) was substituted by the Income Tax (Tax Relief on Interest Payments) (Guernsey) (Amendment) Ordinance, 2014 (No. XX of 2014).





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