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Guernsey Publishes Ordinance Increasing Social Security Contribution Limits for 2023 — Orbitax Tax News & Alerts

Guernsey has published the Social Insurance (Rates of Contributions and Benefits, etc.) Ordinance 2022, which provides for the implementation of the contributory benefits and contribution rates for 2023. The ordinance provides that the standard Class 1 contribution rates are set at 6.8% for employers and 7.0% for employees, which is up from 6.7% for employers and 6.8% for employees in 2022. Further, the upper and lower earnings limits are adjusted as follows:

  • Upper earnings limit:
    • weekly - increased from GBP 3,027 to GBP 3,240
    • monthly - increased from GBP 13,117 to GBP 14,040
  • Lower earnings limit:
    • weekly - increased from GBP 152.00 to GBP 163.00
    • monthly - increased from GBP 658.67 to GBP 706.33

The measures of the Ordinance generally enter into force on 1 January 2023.

Click the following link for the Guernsey social security contributions guidance webpage, which was been updated to reflect the changes.