Despite recent sabre-rattling, mainly by the British side, many believe that the significance of the status of Gibraltar before and after Brexit is more to do with its tax-enhanced economic position than with its geography.
While it’s impractical to precis the tax codes of the two countries in this short note, we thought you might find it helpful to see in outline how the two tax systems compare:
|Resident companies (per cent)||10-20||25|
|Non-resident companies (per cent)||10-20||19-25|
|Withholding tax (per cent)||None||0-19|
|Individual income tax (per cent)||Up to 39||Up to 45|
|VAT (per cent)||None||0, 4, 10, 21|
For more information please get in touch with George Bull, or your usual RSM contact.