July 30, 2019

Gibraltar – UK Double Taxation Agreement

The Exchequer Secretary to Her Majesty’s Treasury, Robert Jenrick, has announced that negotiations between Gibraltar and U.K.  have been opened in order to enter into a Double Tax Agreement. 

HMGoG and Her Majesty’s Government Bilateral consider that double-taxation agreements remove barriers to international trade and investment and provide a clear and fair framework for taxing businesses. Robgert Jenrick stated that “Gibraltar has a special place within the UK family.That’s why I’ve come here today, to start discussions on a bespoke tax agreement between us to promote trade and investment, and help tackle tax avoidance. […] This makes it crucial that as we leave the EU and move into the next chapter together, we make sure we take the steps necessary to keep that relationship strong." [HM Government of Gibraltar]

Chief Minister of Gibraltar, Fabian Picardo QC concluded that “the agreement is one that  would 

strengthen our stability at this critical juncture when we expect to leave the EU with the United Kingdom. This announcement is the fruition of years of hard work and one that must not be overlooked.” [HM Government of Gibraltar]

Our associated law firm, ISOLAS LLP, has welcomed the negotiations. Christian Hernandez, Partner stated “The negotiations, expected to be finalised within months, are great news for Gibraltar, and everyone who does business with our jurisdiction. It will bring enhanced certainty on the future economic relationship with the UK for ISOLAS’s current and prospective clients. The agreement will further cement Gibraltar as being one of the best places in the world to do business, and encourage more businesses to establish a base in the territory”. [ISOLAS LLP]