All individuals in receipt of assessable income in Gibraltar are required by law to file a Gibraltar Tax Return. This must be duly completed, signed and bundled together with any relevant and supporting documents to the Income Tax Office.
The deadline is 30th November 2020 and this relates to income earned in the period of 1st July 2019 to 30th June 2020.
Who needs to file a Gibraltar Tax Return?
Any Individual in receipt of assessable income in Gibraltar has the Responsibility to file a Gibraltar Tax return regardless of their country of residency.
Assessable income includes Gibraltar employment income, self-employment income, rental income, dividends and trusts income and other types of income. This means that even cross frontier workers and overseas landlords of Gibraltar rental property are required to file a Gibraltar Tax Teturn.
Additionally, a resident in Gibraltar will also need to disclose certain types of foreign income such as overseas employment.
Types of Gibraltar Tax Return
There are a number of different types of Gibraltar Tax Returns and the one that will need completing will depend on your circumstances. We list these below;
- Employees and High Executives Possessing Specialist Skills (HEPSS): IT1P
- Self-employed Individuals: IT1S
- Category 2 Residents (For High Net Worth Individuals): IT1C
The different Gibraltar Tax Returns can be found for download here.
Failure to file Tax returns on time
Individuals will be charged a £50 penalty if a tax return is received late, with further penalties accruing if the failure continues. Therefore, this means that you will want to file your tax return on time.
There are Guidance notes in place which describe the penalties further. These can be found below;
How the team at TAG Consultancy can help
The team at TAG Consultancy are experienced in completing Gibraltar Tax Returns for individuals with assessable income in Gibraltar. This includes employees, self-employed and individuals with other forms of income assessable to Gibraltar Income Tax.
As part of our offering, the team can assist you in reconciling all of the different types of income you receive and produce all of the required supporting documentation that the Tax Office may require.
Further information our Accounting and Tax Return service offering can be found below;