After the spectacle and sparkle of Guy Fawkes, another date worthy of illumination is 30th November 2018 because this is the annual filing and payment deadline for Gibraltar individual tax returns!
The responsibility is on all individual taxpayers to submit annual tax returns of their Gibraltar assessable income for the tax year, which runs from 1st July to 30th June. Therefore for 2018 tax returns, income earned in the year ended 30th June 2018 needs to be reported.
All individuals in receipt of assessable income are required to file a tax return. For employees this remains the case even if all their tax is paid through the PAYE system. This is a change for employees who may have previously worked in the UK, where many employees are not required to file UK tax returns if they pay all their tax through PAYE and have no other income.
This filing responsibility applies regardless of country of residency. The key determining factor is whether there is any ‘assessable income’. For all individuals this includes Gibraltar source assessable income (e.g. Gibraltar employment income or Gibraltar rental profits). Therefore frontier workers and overseas landlords of Gibraltar rental property are required to file a tax return and this income may also need to be reported in their country of residency. For those resident in Gibraltar, assessable income is extended to include certain types of foreign income (e.g. overseas employment) and this income may also need to be reported in the source country.
There are different types of tax returns for individuals (all to be filed by 30th November). These include:
If a tax return has not been received in the post it can be downloaded from the Government’s website.