Gibraltar benefits from an extensive shipping trade, offshore banking, and its position as an international conference center.
It is a well known and regulated international finance centre and has been a popular jurisdiction for European offshore companies.
The financial sector, tourism, shipping services fees, and duties on consumer goods generate revenue.
[3] Non-resident companies can take advantage of a number of offshore regimes in order to reduce taxation, although in line with the elimination of unfair tax practices this is being phased out.
As of 1 July 2010, import duty on pedal cycles, electric cars, solar paneling and related equipment has been reduced to 0%.
Import duty on hybrid cars has similarly been reduced, though it has increased for petrol and diesel powered vehicles.
As an anti-avoidance provision, it will not apply in respect of any commercial activity being carried out before 25 June 2009 and that is reorganized by the taxpayer in the name of a different entity for the purpose of benefiting from the scheme.
Persons on gross income between £35,001 and £100,000 The effective (average) tax rate is reduced by 0.5% from the previous year using a complex formula to give a maximum effective tax rate of 26.25% on gross income of £100,000.
Individuals on Gross Income over £353,000 A wide range of allowances apply for children, single parents, mortgage relief etc.
(Below) Stamp Duty is only payable on real estate and capital transactions at the following rates: On purchase of Real Estate: In 2019, the International Agreement on Taxation and Protection of Financial Interests between Spain and the United Kingdom on Gibraltar was signed by all three countries.