Guernsey budget debate advances four tax amendments; final vote pending

Amendment 6 passed by 32 votes to two. It directs the Policy & Resources Committee to transfer to the Core Investment Reserve all Pillar Two receipts above specified forecasts for 2025–2028—£75 million, £77 million, £79 million and £74 million respectively—and 50% of receipts for 2029 and later years. The amendment concerns the use of excess receipts, not the Pillar Two tax charge.^[1][5]

Tax-cap and downsizing reviews

Amendment 8 passed 32–1 and directs a cost-benefit analysis of the Open Market Tax Cap for the 2028 Budget Report. Amendment 10 passed 23–10 and says downsizing relief should not continue beyond the end of 2027. These votes set policy directions within the Budget process; they do not by themselves establish enacted eligibility or rate changes.^[2][3][5]

High-value property duty

Amendment 12 passed 33–6. It directs investigation of at least a one-percentage-point increase in document duty for property transactions above £2.5 million, including a new band above £10 million, with any resulting changes prepared for the 2028 Budget. No operative rate change is claimed.^[4][5]

Overall Budget remains pending

The official voting record still listed P.2026/82 among active propositions after the amendment votes. Tax teams should treat the outcomes as interim parliamentary developments and await the final proposition decision, consolidated text and any implementing legislation before changing calculations, conveyancing advice or compliance positions.^[5][6]