The assessment and collection of income tax is currently governed by the Income Tax Act 2010, Rules and Regulations. That Act was enacted in 2010 and came into effect on 1 January 2011.
Tax is charged on income accruing in or derived from Gibraltar on the profits or gains of a company or trust from any trade, business, profession or vocation.
Tax is charged on the income accruing in, derived from or received in Gibraltar (or in any other place) by an individual ordinarily resident in Gibraltar from employment or the exercise of any self employment activities in connection with a trade, business, profession or vocation. Dividends, pensions and emoluments of office accruing in, derived from or received in any place other than Gibraltar by an ordinarily resident individual are also taxable in Gibraltar. Generally, when taxed in the country of accrual and not received in Gibraltar such income is not taxable in Gibraltar.
Tax is charged on income of all individuals and companies in respect of any rents, premiums and any other interest in real property located in Gibraltar.
Computation of Taxable Income
Income tax is charged for the year of assessment - running from the 1 July in one calendar year to 30 June in the next - on the basis of income for that year.
Standard Rate of Tax
The standard rate of tax for individuals and trusts is 30%.
Deductions for Personal Relief
The allowances and deductions are:
Personal Allowance £3,000 pa
Child Allowance £997 pa
Spouse Allowance £3,000 pa
Child educated abroad £1,105 pa
Dependent Relative Allowance £190 pa max
Disabled Individuals Allowance £3,000 pa
Home Purchase Allowance £11,500
Single Parent Allowance £3,000 pa
Home Purchase Allowance (Special Ded) £1,000 max pa £4,000
Nursery School Allowance £3,000 pa
Medical Insurance £2,000 pa max
Life Assurance, etc.
For more information and to download Guidance Notes and Forms please visit www.gibraltar.gov.gi/taxation
Monday to Friday 08.30 to 15.00