EU says Gibraltar offshore status "illegal" - papers 2 Nov

THE European Union is about to rule that Gibraltar has acted illegally over its offshore status, forcing the last British territory in Europe to rewrite its tax code and threatening it with bankruptcy with liability running into billions of pounds, according to this morning's Times newspaper. After an investigation by the EU Competition Commissioner, Brussels is expected to declare that Gibraltar acted unlawfully in not notifying the Commission of tax concessions it offered offshore finance companies. Such a ruling could destroy the Rock's attempts to set itself up as an offshore fin...