Great news for buyers of off-plan property in Gibraltar. We have had it confirmed from the Income Tax Office that if a property is constructed in the thirty months from 1st July 2016 to 31 Dec 2018 and that property is rented for residential purposes, the owner of that property will receive a tax credit equal to the tax payable on the profits earned on the first twenty-four months of rent occurring in the first five years after the completion of construction of that property. The tax credit will not be refundable but can be offset against the tax payable to extinguish any liability to tax. Note that this credit will be available on construction projects that commence between 1st July 2016 and 31st December 2018 only.
This concession, tax free property investment, was first announced on 8 July 2016 and published on our website and in Gibraltar Property News. However, it has yet to make the statute book but was confirmed to us at Chestertons just last week as a credit being available to buy to let investors who become residential landlords.
Contact our group company Buckingham Corporate Services Limited for all your Gibraltar tax queries firstname.lastname@example.org
Contributed by Mike Nicholls
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