UK, Gibraltar do deal on withholding tax

clock

UK residents with savings in Gibraltar will see those savings taxed at a rate of 15% from 1 April next year, rising to 35% after 2011 according to a deal just announced by paymaster general Dawn Primarolo and Peter Caruana, chief minister of Gibraltar.

The deal follows others structured between the UK government representing Great Britain and Northern Ireland, and financial authorities in former colonies or Crown dependencies such as Jersey and Guernsey, which have different legal standing with regard to their position in the European Union. Causing these negotiations is the directive on taxation of savings income, with HM Treasury and its ilk in other EM member states keen to ensure that citizens do not place savings in other EU member states to avoid income tax. However, offshore centres such as Jersey, non-EU states such as Switzer...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

March 2024: Month in review with deputy editor Jenna Brown

March 2024: Month in review with deputy editor Jenna Brown

Take a look at some of the news and feature highlights of the last month

Jenna Brown
clock 28 March 2024 • 5 min read
Wren Sterling adds £265m in client assets in latest deal

Wren Sterling adds £265m in client assets in latest deal

First advisory firm purchase of 2024 for national financial planner

Jenna Brown
clock 28 March 2024 • 1 min read
Consumer Duty Alliance looks to attract advice industry talent

Consumer Duty Alliance looks to attract advice industry talent

New Talent Alliance will be chaired by M&G Wealth Advice MD Tom Hegarty

Isabel Baxter
clock 27 March 2024 • 2 min read