Gibraltar Taxation Facts | Question & Answer

Gibraltar Tax Facts 2023-2024

Income tax in Gibraltar is governed by the provisions of the Income Tax Act 2010.
An ordinarily resident is present in Gibraltar for at least 183 days in the year of assessment, or over 300 days in aggregate over three consecutive years of assessment.
Tax is charged on the income on a worldwide basis of an individual ordinarily resident in Gibraltar from employment or self-employment activities.
There are currently two systems in place for the assessment of income tax, an allowance-based system and a Gross Income Based System.
The cap on taxable income for Category 2 individuals is £118,000. The Maximum amount of tax payable is £44,740 and the minimum amount of tax is to £37,000.
HEPSS individuals are chargeable to tax for a year of assessment amounting to £160,000, under the gross income based scheme of calculation. This means a tax payable of £43,140 per annum, or an amount of £3,595 payable for every month during which a HEPSS certificate is issued.
Companies are subject to taxation on income accrued in or derived from Gibraltar on the taxable profits for the financial year. “Accrued in and derived from” is defined by reference to the location of the activities which give rise to
the profits.
The standard rate of taxation for a company, a resident trust and a resident foundation is 12.5%.
Start-up incentive schemes are available meaning significant savings in the first three financial years of operation.
No charge to tax on the receipt by a Gibraltar company of dividends from any other company, regardless of where incorporated.
Interest received or receivable by a Gibraltar company, arising from an inter-company loan, is chargeable to tax. However interest received or receivable less than £100,000 per annum, is not chargeable to tax.
Royalties received or receivable by a Gibraltar company are chargeable to tax.
No withholding tax on interest, dividend or royalty payments.
No VAT in Gibraltar.
No wealth tax in Gibraltar.

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Gibraltar Tax Facts 2023-2024

Gibraltar Tax Facts 2023-2024

Gibraltar Tax Facts 2023-2024

Consequences on Individuals of Spain and UK International Taxation Agreement regarding Gibraltar

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