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Gibraltar Budget Tax Update

The Chief Officer of Gibraltar has announced the following changes in his 2022 Budget Address which took place on 28th of June. 

Tax 

The tax rates across all tax bands under the Allowance Based System and the Gross Income Based System are being increased by 2% for two years, after which time they will be lowered again.

Taxable income for Category 2 individuals will now be capped at £118,000 instead of from £105,000 with the maximum amount of tax payable increasing to £44,740. 

From the 1st of July 2022, the minimum amount of tax payable in this category will increase from £32,000 to £37,000 annually and new Category 2 applicants will be need to pay tax a year in advance.  

A new tax has been introduced for non-Gibraltan nationals who claim residency in Gibraltar but who are not in possession of a Category 2 or HEPSS certificate and are not in true third-party employment. They will be taxed on their full savings income, including pension income, interest income, dividend income and other passive income.

Other News

HMRC Pension Transfer Guidance May Change

CogsThe rules relating to pension transfers and inheritance tax could be set to change after HM Revenue & Customs (HMRC) announced that it is to review its guidance on the matter following a number of concerns raised by the Office of Tax Simplification (OTS) in a review published on July 5 2019.

One area that the OTS has earmarked for examination involves the rules relating to pension transfers made within two years of a person’s death. Such transfers can result in the deceased person’s remaining defined contribution pot being subject to 40 per cent inheritance tax unless the estate can prove to HMRC that the pension transfer was made without the intention to deliver gratuitous benefit.

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AROUND THE BRANCHES – French Economic Growth Predicted to Slow

France flag with cracksThis time we look at what the central bank of France’s latest predictions may signal for the country’s economy and President Macron’s reactions to the latest pension protests.

Banque de France has predicted slower than expected growth of the French economy over the next 12 months as the second largest economy in the eurozone negotiates twin obstacles in the form of global uncertainty and simmering trade wars. It also comes on the back of a 5 December nationwide strike and controversy over President Emmanuel Macron’s proposed pension reforms.

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