Be aware that Gibraltar is duty free on certain goods NOT income tax free!
It is important to note that if you work in Gibraltar but live in Spain then you must pay income tax in Gibraltar.
Click here for a chart that will show your monthly tax contribution - take your annual salary, divide it by 12, then subtract the tax and employee social security shown on the chart, to show the amount of money you will have left.
Most people fall under the Gross Income Based System (GIBS) so on the form for the tax calculator, just enter your salary in the 'Assessable annual income' section, ignore the other sections, click 'continue' then 'show results' - your total yearly tax is the figure underneath 'GIBS'
Social security is approx 119 pounds per month
Personal Income Tax Rates
To ensure residents and people employed in Gibraltar can benefit from the growth of the Gibraltar economy and balance the difference with the new low corporate tax rate, the Government have again reduced the effective personal tax rates.
It was announced that for the Gross Income Based tax system (under this system no allowances and deductions are allowed):
High Executives Possessing Specialist Skills (HEPPS)
There is an increase in capped taxable income from £100,000 to £120,000.
However, the abolition of the 35% Gross Income
Based System tax rate means the extra £20,000 will be taxed at only 29%. This results in an effective tax rate for individuals qualifying for HEPPS status of 27.125% (previously 26.75%).
Social Insurance Contributions
The maximum weekly social insurance contribution cap rises by 10% in respect of employers’ and self-employed contributions from 1 July 2010. This amounts to an increase of £3 per week in the maximum contribution for employers to £32.97.
Employees’ maximum social insurance contributions increase by £1.42 per week or 6% (only affecting those earning more than £12,000).
We accept no responsibility for the accuracy of this information and suggest you get professional advice for an exact calculation.
We strongly recommend that you visit the Gibraltar goverment website for specific infomration and a tax calculator - http://www.gibraltar.gov.gi/
For a up to date list of jobs in Gibraltar click here
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