It went on to explain that it would mean all residents aged 18 and over would be subject to the new tax, based on their worldwide net wealth, with a banded tax structure.
In the newsletter, P&F stated it aimed to “broaden the tax base” with these reforms and “create a modern framework alligned with international norms”.
Some residents have told the BBC they were concerned people would move away if a wealth tax was introduced in Sark.
Proposals on taxation are expected to be discussed at the Christmas Chief Pleas meeting on 21 January, but the papers have not been submitted yet – alongside details of the proposed loan from the States of Guernsey to buy the island’s power power company – Sark Electricity Limited.
