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11 June 2019 Gibraltar announces 2019 budget On 10 June 2019, Gibraltar’s Chief Minister, Fabian Picardo, presented the 2019 budget. This Alert outlines the key tax proposals.
Personal tax – Gross Income Based SystemThere were no changes announced to the Gross Income Based System; the maximum effective (overall) rate remains at 25%. There were no changes announced to tax rates or to the bandings under the Allowance Based System. Inflationary increases were announced for most allowances. Taxpayers with assessable income (i.e., before allowances) of £11,450 or less will pay no tax (2018/19 – £11,200).
The limit of gifts within the scheme is to be increased from £5,000 to £10,000. The Government is to consider how the rules can be simplified to encourage contributions under the scheme. (Gift Aid enables charities to reclaim the tax that was paid by contributors on amounts given to the charity). The Chief Minister’s Budget Address can be accessed here. Document ID: 2019-5739 | ||||||||||||||||||||||||