Unless otherwise noted, the calculations used for all calculations relate to the tax year 2022/23 for each country respectively.
By default the calculations for The Bailiwick of Guernsey and The Bailiwick of Jersey relate to the tax year 2023/24. This can be altered by clicking the "Advanced" button and selecting the desired tax year.
Based on a 12 month / 52 week / 260 day year.
Calculations are given for an unmarried individual with income from only one salary, paid monthly, employed for the full tax year, and assuming no additional circumstances that would impact social security rates or allow additional deductions.
The personal allowance for Guernsey and the United Kingdom tapers for an annual salary greater than £90,000 and £100,000 respectively. This taper is a reduction of £1 for every £5 earned over £90,000 for Guernsey and £1 for every £2 over £100,000 for the United Kingdom.
"Effective" rate shows the tax rate as a proportion of gross income earned and reflects deductions in taxable income. For example, a salary of £32,000 in the United Kingdom would have a highest, marginal tax rate of 20% (year 2022/23) but an effective rate of 12.14% or (((32000 - 12570) * 0.2) / 32000) * 100 when the personal allowance of £12,570 is included.
The Social Security rates for the U.K. in 2022/23 are a weighted average figure due to changes in income tax law during the tax year so will not be found in tax legislation. The formulas used are:
(13.25% * 7 + 12% * 5) / 12 = 12.73% Average U.K. National Insurance Rate
(3.25% * 7 + 2% * 5) / 12 = 2.73% Average U.K. Upper National Insurance Rate
Alderney and Herm in the Bailiwick of Guernsey follow Guernsey's Income tax and Social Security rates
Though reasonable efforts have been made to ensure all calculations are correct this page is for educational purposes only and does not guarantee accuracy. Your personal financial situation may differ with any output provided. Consider discussing with an accountant if you would like to know more about your tax liability.
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