.png)
.png)
European Commission press release IP/05/201 dated 22 February 2005.
Gibraltar moves
The UK has notified the European Commission that it has formally accepted the Commission's recommendation of 19 January 2005 to abolish the exempt company tax régime in Gibraltar by the end of 2010. The UK's acceptance means that:
- the number of beneficiaries of the scheme is capped at 8 464 i.e. the number of beneficiaries on 31 December 2003;
- existing beneficiaries on 18 February will be allowed to have their benefits grandfathered until 31 December 2010. However if these beneficiaries change ownership/activity before 30 June 2006 their benefits will be grandfathered only until 31 December 2007;
- if a change of ownership or activity takes place after 30 June 2006 benefits would cease immediately;
- the number of new entrants to the scheme will be limited to 60% of the companies leaving the scheme...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
