Gibraltar Government To Back Finance Industry
Friday, March 23, 2012
To mark one hundred days in office, the Gibraltar government has made a number
of pledges that it will fulfil during its term, many of which are pertinent
to taxpayers and the financial services sector.
Among its policy pledges, the government has committed to maintain specific
areas of the tax system previously in place, including the absence of inheritance
tax, and the tax exemption for occupational pensions from Gibraltar-based companies.
The government has also put its weight behind the special tax regime for high-net
worth individuals, the 'Category 2' initiative, which caps income tax payable
at GBP21,880 in respect of the first GBP60,000 of income, with income thereafter
Other commitments made by the government include additional updates to the
nation's legislative regime, including to companies legislation, following the
publication of a new income tax law in 2010, and the introduction of new products for the
financial services industry, including in the area of Qualifying Recognized
Overseas Pension Schemes and investment funds.