Proposed Guernsey tax reforms: What does it mean for you?

A 3% goods and services tax (GST), the re-introduction of vehicle taxes and lower income tax bands are among the reforms Guernsey's Policy and Resources Committee wants to make to the tax system to plug an estimated £50m gap in its funding.

Corporate taxes have also been included in the planned reforms, with the extension of a 10% rate paid by companies expected to raise an estimated £6m, senior politicians said.

Policy and Resources President Lindsay de Sausmerez said: "This package is a balanced, pragmatic and proportionate response to the financial challenge we face. It will improve our financial position by £59m a year."

Politicians are due to debate the proposals in July.