TODAY is Tax Freedom Day in the UK, as well as a reminder that islanders do not have to hand over nearly as much of their money to the government here.

Tax Freedom Day marks the date when the average British taxpayer stops earning for the Exchequer and starts working for themselves as they have earned enough money to pay off their annual tax bill.

But thanks to the lower tax regime here, the equivalent day in Guernsey would come much earlier in the year – either 19 March or 4 April, depending on the calculation method used.

The figures for both jurisdictions include income tax, social security and all duties, including fuel, alcohol and tobacco. The tax burden for UK residents also includes VAT and council tax.

‘It is reassuring for Guernsey taxpayers to see that our Tax Freedom Day is weeks ahead of the UK,’ said Treasury minister Charles Parkinson (picture), who provided the date at the request of the Guernsey Press.