Income tax receipts
In 2021, income tax receipts were £643 million. This was £60 million higher than 2020 receipts, primarily due to a £95 million increase in personal income tax. This was partially offset by a £34 million decrease in company income tax.
Income tax received (£ millions)
Source: Treasury and Exchequer,
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Levels of tax exemption in 2022
| Single person | £16,550 | - |
| Married couple / civil partnership | £26,550 | - |
Source: Treasury and Exchequer,
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Levels of tax allowance in 2021
|
Child allowance | £3,060 | - |
| Child allowance (higher education) | -
| - |
Additional allowance: for people with single-handed responsibility for children | £4,590 | - |
Wife's / civil partner's earned income allowance
| £6,300 | - |
2016 Budget agreed phasing out of the Standard Child Allowance and Additional Allowance for those on the Standard 20% rate over the period of the MTFP 2016-2019. Child allowance for higher education was phased out in 2018.
Goods and services tax (GST)
The States agreed in July 2005 to introduce a 3% broad-based GST in May 2008. The standard rate of GST was increased from 3% to 5%, effective June 2011. The full year effect on GST receipts at the new rate of 5% was first seen in 2012.
In 2021, income from GST was £106 million, an increase of £12 million from 2020.
Businesses within the financial services industry can apply for an International Services Entity (ISE) Fee as an alternative to GST. These ISE Fees contribute almost £13 million of GST revenue.
Goods and Services Tax receipts (£ millions)
Source: Treasury and Exchequer,
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The strategic reserve
The strategic reserve is a capital safeguard against unforeseen events and economic downturn. At the end of 2021 it had a market value of £1,032 million, an annual increase of £64 million. This was primarily due to investment gains of £88 million offset by transfers out to help cover government costs.
Market value of strategic reserve (£ millions)
Source: Treasury and Exchequer,
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Figures are in £ millions and stated at market value at 31 December each year.
The stabilisation fund
In December 2006, the States agreed to establish a stabilisation fund to:
- provide protection from adverse impacts of economic cycles
- create a more stable environment with low inflation
The intention is that money is paid into the fund when the economy is growing strongly, and drawn out from the fund to support the economy when it is performing more weakly.
The fund has been used to:
- provide £44 million for the economic stimulus package (agreed by the States in 2009)
- support the Consolidated Fund in 2010 (transfer of £68 million)
- support the Consolidation Fund during 2011 as agreed in the 2011 budget (£46 million transfer)
The stabilisation fund was fully drawn down to the consolidated fund in 2014.
In 2019, £50 million was transferred into the stabilisation fund, with a commitment in the Government Plan to make further substantial deposits into the fund over the next three years. In 2020 the complete value of the fund was transferred to the Consolidated Fund to support the economic recovery from the covid-19 pandemic.
Market value of the stabilisation fund (£ millions)
Source: Treasury and Exchequer,
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Figures are in £ millions and stated at market value as at 31 December each year.
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