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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 exempt.

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.