The island of Sark has cleverly maintained it's historical policy of minimum taxataion for it's residents whilst managing to remain economically viable. Sark does not levy any income tax, inheritance tax, capital gains tax or value added tax on it's residents. It does, however, levy a minimal property tax on each property and a personal tax on each resident (who has a property available to them for 90 nights a year) based on a 'forfait' system, with most residents opting to pay 3.5 times their property tax (domestic dwelling amount only) as their personal tax, and the spouse or other members of the same household as a 'forfait' payer being able to pay the minimum tax of £250 per annum. Within this system, which has a maximum tax of £4,000 per annum payable by any one individual, there are options for further residents to pay the minimum amount if applicable.
You will note that Sark Estate Agents includes the number of taxable 'quarters' for each property within the individual marketing particulars to enable prospective purchasers to be able to calculate the tax that may be payable by residing in any particular property.
For further information on this unique system of taxation please contact Sark Estate Agents Limited who will be pleased to answer any queries and/or give the contact details of the island's tax assessor.
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