Tax Tax changes her year by year so here is a list of the current tax tables as at (2022) Tax changes her year by year so here is a list of the current tax tables as at (2022) Personal Income Tax Individuals are taxed under one of two systems, whichever is most advantageous. No tax is payable where assessable income is £11,450 or less. (i) Gross Income Based System (GIB) Tax is calculated on gross assessable income*: First £17,000* | 18% | £17,001 to £25,000* | 21% | £25,001 to £40,000 | 27% | £40,001 to £105,000 | 30% | £105,001+ | 27% |
*Individuals with gross assessable income not exceeding £25,000 pay at 8% on the first £10,000, 22% on the next £7,000 and the balance at 30%. Deductions are available for medical insurance, pension contributions and home purchase etc. (ii) Allowances Based System (ABS) Tax is calculated on net taxable income (subject to some tapering relief for income below £19,500): First £4,000 | 16% | Next £12,000 | 19% | Over £16,000 | 41% |
Special Tax Status for Individuals Available for applicants satisfying eligibility criteria. Includes rental or purchase of an approved residential property. (i) High Net Worth Individuals (Category 2) Persons with net wealth of £2M+ can apply to pay tax only on their first £118,000 of taxable income, equivalent to an annual liability of approximately £44,740, but subject to a minimum of £37,000. The full year liability must be paid annually on 30 November in the tax year to 30 June. (ii) High Executive Possessing Specialist Skills status (“HEPSS”) Relocating executives with relevant skills pay tax only on the first £160,000 of their earned income (maximum tax £43,140). Great climate A high average of sunshine per year. A much sought-after Mediterranean climate. Language English is the official spoken language of Gibraltar. Rich in history & culture, Friendly and safe Gibraltar is known for its history and is a fabulous place to live, with the famous Gibraltar apes and the Trafalgar cemetery and the old war hospitals within the rock itself it makes for an interesting life. With its laid back attitude low crime rate and warm living it is easy to see why people come to live here. A 34,000 multi cultural population that provides a close-knit community with friendships and relations embedded throughout the population, enables a low crime environment. Gibraltar is a jurisdiction where you can walk to the airport and then fly directly to Gatwick, Heathrow, Manchester, Bristol and Edinburgh. You can walk to work, enjoy advantageous tax breaks, lovely weather, safe for children, easy access to Spain, Portugal, Africa and the UK plus a myriad of sports and leisure facilities. |