Locate Guernsey's Director, Jo Stoddart's thoughts on the new UK Labour government

With the new Labour government coming into Westminster and potential changes to the non-domicile tax status could result in new relocations to Guernsey.

The UK government has pledged to phase out the non-dom tax status, which allows individuals resident in the country to avoid paying domestic taxes on foreign income and assets for up to 15 years, in a phased way from 2025.

Those moving into the UK from then would have a four-year period to transfer for foreign to local tax status, while those currently benefitting from the regime would be given two years to transition or leave the country. 

Locate Guernsey's Director, Jo Stoddart has provided her thoughts on the new Labour government's plans and how they might impact relocations to the island:

"Relocating to a new country or jurisdiction is not usually a quick decision, especially when it is likely to be a permanent move which involves uprooting a family, as opposed to moving somewhere for a job for a fixed period of time.  It involves careful consideration and research about the most suitable options according to the specific circumstances of the family.

We have seen an increase in the number of people who have been considering relocating to Guernsey to live in an Open Market home getting back in touch over the past couple of months and indicating that they may be about to press the start button...depending upon the new government’s policies, I suspect we will see an increase in the number of people seeking to live in Guernsey on the Open Market, albeit limited by the number of available Open Market homes."

Locate Guernsey has also provided further insight in the following local media: 

Prospect of Labour government spurs relocation interest in Guernsey | Bailiwick Express

Labour win sparks rise in relocation enquiries | Guernsey Press

If you are considering relocating to the island, the team at Locate Guernsey are on hand to provide confidential guidance throughout your relocation journey free of charge. If you would like to understand how Guernsey could work for you, please get in touch on 01481 220011 or email enquiries@locateguernsey.com.