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Budget June 201727th June 2017

Yesterday 26th June the Chief Minister Fabian Picardo announced his budget for FY 2016/2017.
Although the oppostition announced they will oppose the budget and it is a somewhat cautious budget and possibly expected given Brexit.

The main tax changes announced are summarised below:

Personal tax
There will be an increase in the low income earners allowance so that any taxpayer with income of £11,050 or less
with effect from 1 July 2016 will not pay any income tax.
Taxpayers under the Allowance Based System will obtain inflationary increases in their personal allowances.

With effect from the 1 July 2016 the following allowance increases will be applied:
 Personal Allowance and Spouse/Civil Partner’s Allowance will increase from £3,200 to £3,215;
 One Parent Family Allowance will increase from £5,264 to £5,290;
 Nursery Allowance will increase from £5,000 to £5,025;
 Child Allowance will increase from £1,100 to £1,105;
 Child Study Abroad Allowance will increase from £1,250 to £1,255;
 Dependent Relative Allowance will increase, where the relative is resident in Gibraltar, from £300 to £305 and, where the relative is
resident outside of Gibraltar, from £200 to £205;
 Disabled Individual Allowance will increase from £9,000 to £9,040;
 Blind Allowance will increase from £5,000 to £5,020;
 Medical Insurance Allowance will increase from £5,000 to £5,020.

New Tax Amnesty
Following last year’s tax amnesty, a new tax amnesty lasting 6 months beginning at midnight on 5 July 2016 was announced.

Income remitted from abroad and which would otherwise have been subject to taxation in Gibraltar will be liable to a
7.5% levy on the total amount remitted to Gibraltar or 7.5% on the value of any
assets purchased abroad on the proceeds of the income accrued and derived in Gibraltar upon which tax should have
been paid.


Statutory minimum wage
This is increased to £6.28 with effect from 1 August 2016.
 


Headlines

Gibraltar finds itself in the spotlight

14th July

Citywealth online magazine featured Gibraltar the other day, Acquarius ATG Director Nick Cruz gave his opinion on Brexit along with a couple of others..... Article and magazine at www.citywealth.com Only four percent of voters in Gibraltar backed...

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ATCOM Press Release

28th June

Election of Chairman and Board Barrister and Notary Public with Ellul & Co, Marc Ellul, is ATCOM’s new Chairman.  Nick Cruz, who served as its Chairman for three years, stepped down and a new Board was voted in. This is Marc Ellul’s...

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Budget June 2017

27th June

Yesterday 26th June the Chief Minister Fabian Picardo announced his budget for FY 2016/2017. Although the oppostition announced they will oppose the budget and it is a somewhat cautious budget and possibly expected given Brexit. The main tax...

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Acquarius launch Gibraltar Foundations

9th June

Good news! For many years Gibraltar regulated Trustees such as Acquarius have acted as counsellors to foundations in other territories such as Panama, Liechtenstein, Belize and Cyprus. However, we have not had the ability to create or register foundations...

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Jimmy Tipping tells them, the EU, straight.

10th May

Excellent piece written in today's Gibraltar Chronicle by GC Editor Brian Reyes reporting on Jimmy Tipping's speech to the EU Parliamentary Committee of Inquiry into Money Laundering, Tax Avoidance and Tax Evasion is worth a full read so get the paper...

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Latest News Resident Non Domiciled ...

26th April

As Acquarius subscribers and customers will be aware we have recently been working hard on changes in legislation in regards to the taxation of resident non-domiciled individuals. April was to have been a significant point in which this legislation would...

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UK Election June 8th

18th April

Theresa May this morning announced that she will be taking the country to the polls on June the 8th. Clealry tomorrow this has to be ratified by a vote in the House of Commons, a scenario almost pointless unless you don't want to risk losing your...

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Article 50

3rd April

So UK PM's letter is out and this weekend has seen some incredible machinations already in regard to Gibraltar and Brexit. The Gibraltar Chonicle's Brian Reyes reported this angle on Sr Dastis the Spanish Foreign Minister's,view The...

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Newsflash ...

29th March

Britain has officially entered into exit negotiations with the European Union’s chief Brexit negotiator, Michel Barnier, and his team - appropriately nicknamed ‘Task Force 50’. The activation of Article 50 is the starting pistol for...

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Rajoy's latest nonsense.

28th March

Reported in today’s Chronicle a story featuring a Spanish politician waxing lyrical if not clumsily on Brexit and Gibraltar. The constant is, it is designed to destabilise us and our relationship with the EU and UK. Has Nick Clegg had a quiet word...

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Britain has a moral duty to protect Gibraltar.

2nd March

I make no apologies for another Brexit story but here in Gibraltar we voted overwhelmingly to remain. As part of the UK's structure for defence and foreign affairs the 'leave' decision has us in somewhat of a quandry. Further exacerbated...

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World Trade Centre

22nd February

Story courtesy of the Gibraltar Chronicle: Gibraltar’s World Trade Center was officially opened yesterday with a bullish message from the Chief Minister, who said it signalled Gibraltar’s readiness to face up to the challenge of...

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Gibraltar poses threat to post-Brexit aviation access as Spain signals it would block EU air access deal unless terms exclude Gibraltar airport

12th February

Here is the article from the FT. Will Brexit complicate landing rights for UK flights? Madrid has signalled it will block UK access to the EU's single aviation market unless a deal excludes Gibraltar airport © AFP The Anglo-Spanish...

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Euro too low for Germany?

8th February

A recent report from Gemma Acton on CNBC seems to reveal a small amount of conciliation from Germany toward brexit perhaps in recognition that going it alone or at least without the seemingly better economic performance of the UK will only mean more...

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Gibraltar Continues to Lobby

1st February

Gibraltar Continues Lobbying Meetings in Brussels With Bexit still high and the likes of David Davies, PM Theresa May and even Donald Trump talking abuot it the Gibraltar Government continue to try and sort a deal that will give some release from...

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Seminar at the O' Callaghan Elliot Gibraltar

26th January

Today's Gibraltar Chronicle has an opinion column from Director of Acquarius Trust Group Nick Cruz covering among other things his recent seminar in London at Gibraltar House. This coincides with this mornings ATCOM seminar being held at the...

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Acquarius Trust Group London Seminar

23rd January

Our last news offered a chance to talk or at least listen to a Gibraltar perspective in terms of new rules coming in in April 2017 especially for those resident Non-Domiciled (RND's) clients. As reported recently by us on our channel as well...

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Gibraltar in Perspective

9th January

Gibraltar in Perspective Nick Cruz, a director of the Acquarius Trust Group, Barrister and consultant at TSN law based in Gibraltar has been instrumental together with Savills in pulling together a Savills breakfast seminar this coming Wednesday the...

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Welcome to 2017's first financial report.

1st January

Happy New Year one and all. For the first Acquarius news of 2017 it is probably best to look forward not back and list some exciting things that will happen within the next 12 months. New One pound coin. In March the all new sparkly coin will...

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Acquarius Trust Group new acquisition

21st December

The Acquarius Trust Group are excited to announce our latest new member to the Group, namely Paul Miles. Paul as many in the finance sector will know well, will be joining the board of Acquarius Trust as of 1 January 2017. Paul has over 40 years banking...

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Music festival over but Wet Wet Wet stayed!

5th December

Ask the tourist board and they will tell you that Gibraltar has some 300 days of sunshine per year ... well I assume someone is counting because at the moment that's looking pretty dodgy for a statistic. The last couple of weeks have seen pretty...

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Gibraltar Airport passenger increase in 2016

28th November

Whatever your personal oinion on the cost of the new airport one thing was clear we needed something better than the ramshackle, third world shed we had before it. The airport now is a building albeit large, that we can be rightly proud of and certainly...

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Gherkin Reception text of Chief Ministers Speech

2nd November

If you were unfortunate enough to miss last night's Gherkin reception, like Boris Johnson probably busy elsewhere then here is the message he sent to the reception with his apologies read out by the Chief Minister, Fabian Picardo and his own speech. “Today...

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C.M. Picardo's Autumn Reshuffle

20th October

Today 20th October 2016 Gibraltar's Chief Minister Fabian Picardo announced another reshuffle of his cabinet. His first reshuffle occurred in 2014 and following the election last year he took over some extra responsibilities himself announcing that...

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Fabian Picardo says 'No' again.

18th October

Chief Minister Fabian Picardo once again explains to Senior Margallo Spain's caretaker Foreign Minister what 'No' means in terms of Sovereignty through an opinion column in the Spanish paper 'El Publico'. "It is during tough...

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May signals Brexit; Acquarius are ahead of the game

2nd October

Theresa May likes to talk about "getting on with it" and the Acquarius Trust Group are doing just that. For more than three months since the referendum Prime Minister May has said little about how she will deliver the vote of the British...

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Yahoo

23rd September

In the news this morning another serious hack of a large company with global implications. The actual suggestion that somehow the Kremlin is behind the attack has more to do with slanting the news than helping the reader in terms of the problem. Yahoo...

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Feeling lucky?

23rd August

This interesting view from the Economist may add to the debate after much speculation in Gibraltar and pronouncements by our Chief Minister on where our economy can expand to fill the gap opened by Brexit. Still, we have some two or more years to figure...

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Spanish summertime

16th August

Gibraltar lies on the southern tip of Europe just 15 miles from Africa, clearly visible across the straits. We have the unique position of being able to see three countries (Morocco, Spain and Gibraltar) as well as two continents (Europe and Africa)....

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