Budget Summary 2024

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A summary of the key tax related changes announced in the Chief
Minister’s Budget Address on 1 July 2024.

Corporate income tax

The standard rate of corporate income tax is increased by 2.5% to 15%.

Personal Tax Rates

The personal income tax rates reduce by 2%. This is a confirmation of the measure announced by the Chief Minister in June 2022 where the rates were increased temporarily for a 2 year period.

Home Purchaser Allowances

First and second time Home Purchaser Allowances are now restricted to properties under £800,000.

A first time Home Purchaser Allowance has been introduced for those selling after the age of 65 and moving to smaller properties.

Social insurance

The cap on both employer and employee social insurance contributions increases by 5%.

Green Procurement

A tax deduction of an additional 50% in respect of any cost or expense of achieving net zero is available. This is subject to the Commissioner of Income Tax considering the deduction reasonable and directly associated with achieving the net zero objective. The deduction will be capped at a maximum of £10,000 per annum.

Statutory Minimum Wage

The hourly minimum wage increases from £8.60 to £8.90.

Stamp Duty

It was confirmed that the Special Stamp Duty introduced previously in respect of sales of Government affordable homes will not apply to sales after an acquisition of an affordable home on the open market.

New Purchase agreements and assignments of off plan purchases will be registrable instruments with a 0.5% special stamp duty payable on Assignment of Purchase Agreement (by the assignor). (Note: this would not include sales on Subsidised Estates).

Vehicle Park Renewal Pollution Levy

Every vehicle over 10 years old which is not a classic car, will pay an annual pollution levy of £10 per week (£520 per annum) charged on the anniversary of the first registration of the vehicle, whether in Gibraltar or elsewhere. For commercial and public service vehicles for more than 8 passengers,the levy will be £30 a week or £1,560 per annum. Please note that the Chief Minister has since announced publicly that the measure will not proceed and will instead be subject to a consultation.

Import duty

Mild Hybrid vehicles (MHEVs) to pay import duty at the rate of 10% (previously 0%) Full hybrids & Plug-in Hybrid Electric Vehicles (PHEVs) to pay import duty at the rate of 5% (previously 0%) Import duty on pleasure crafts pay import duty at the rate of 5% (previously 0%). The cap will be fixed at £35,000 as it is for vehicles. The above duty increases will not apply to importations where the vehicle/vessel was ordered before 30th September this year, even if delivered after.


For more detailed information, please do not hesitate to contact:

Patrick PilcherPatrick Pilcher


Edgar LavarelloEdgar Lavarello



Luke WalshLuke Walsh