Gibraltar Tax
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 the income of the preceding year except for income from employment or pension which is charged on the basis of the income for that year. The taxpayer's aggregate income, other than exempt income, is the "assessable income" and the "taxable income" is the assessable income, as reduced where appropriate in the case of an individual by the allowances described hereafter.
Individuals may choose to pay tax under the Allowance Based System or the Gross Income Based System.
Under the Gross Income Based System individuals will receive no allowances and will pay tax on their gross assessable income at the following rate;
Individuals with gross assessable income not exceeding £16,000:
* the first £10,000 of assessable income - 10%
* balance - 20%
Individuals with gross assessable income between £16,001 and £25,000;
* income of £16,001 to £17,000, on the first £5,000 - 0%
* balance - 20%
* income of £17,001 to £18,000, on the first £4,000 - 0%
* balance - 20%
* income of £18,001 to £19,000, on the first £3,000 - 0%
* balance - 20%
* income of £19,001 to £20,000, on the first £2,000 - 0%
* balance - 20%
* income of £20,001 to £25,000, on the first £1,000 - 0%
* balance - 20%
Individuals with gross assessable income exceeding £25,000
* the first £25,000 of assessable income - 20%
* the next £75,000 of assessable income - 29%
* the remainder of the assessable income - £35%
Individuals who have opted to be taxed under the Allowances Based System are charged to tax on their taxable income which is arrived at by deducting personal and other allowances from the assessable income at the following rates;:
For every pound of;
* the first £4,000 of taxable income - 17%
* the next £12,000 of taxable income - 30%
* the remainder of the taxable income - 40%
Further Information
Full details of the taxation systems operated in the Gibraltar jurisdiction may be found at http://www.gibraltar.gov.gi/taxation
Quad Consultancy shall have no liability or any responsibility whatsoever for any direct, incidental, consequential, indirect costs, losses or liabilities whatsoever arising out of your access to, use, inability to use or changes in content of this website.
Individuals may choose to pay tax under the Allowance Based System or the Gross Income Based System.
Under the Gross Income Based System individuals will receive no allowances and will pay tax on their gross assessable income at the following rate;
Individuals with gross assessable income not exceeding £16,000:
* the first £10,000 of assessable income - 10%
* balance - 20%
Individuals with gross assessable income between £16,001 and £25,000;
* income of £16,001 to £17,000, on the first £5,000 - 0%
* balance - 20%
* income of £17,001 to £18,000, on the first £4,000 - 0%
* balance - 20%
* income of £18,001 to £19,000, on the first £3,000 - 0%
* balance - 20%
* income of £19,001 to £20,000, on the first £2,000 - 0%
* balance - 20%
* income of £20,001 to £25,000, on the first £1,000 - 0%
* balance - 20%
Individuals with gross assessable income exceeding £25,000
* the first £25,000 of assessable income - 20%
* the next £75,000 of assessable income - 29%
* the remainder of the assessable income - £35%
Individuals who have opted to be taxed under the Allowances Based System are charged to tax on their taxable income which is arrived at by deducting personal and other allowances from the assessable income at the following rates;:
For every pound of;
* the first £4,000 of taxable income - 17%
* the next £12,000 of taxable income - 30%
* the remainder of the taxable income - 40%
Further Information
Full details of the taxation systems operated in the Gibraltar jurisdiction may be found at http://www.gibraltar.gov.gi/taxation
Quad Consultancy shall have no liability or any responsibility whatsoever for any direct, incidental, consequential, indirect costs, losses or liabilities whatsoever arising out of your access to, use, inability to use or changes in content of this website.
