- OP Xtreme
- Business & Finance
- Crime & Law
- Food Drink
- News Features
- Insurance Doctor
- Jack Gaioni
- Legal Issues
- Loud and Clear
- Market Mumbles
- Mistress of Sizzle
- Property Insider
- Road to Riches
- Eating Out
- Andalucia Property Search
- Green Guide Spain
- SITE INFO
- Data Protection
Gibraltar campaign to attract London hedge fund managers
Do you have news for us?
Click to contact the newsdesk!
GIBRALTAR is trying to lure hedge funds from their London offices with promises of low taxes on the British overseas territory.
Fabian Picardo, chief minister of Gibraltar, urged fund managers to consider that it is much cheaper to do business on the Rock
He invited hedge fund managers to the territory where they were told income tax could be limited to £30,000 a year no matter how many millions they earned.
The promotional material handed out to the multi-millionaire fund managers stated that they are ‘unlikely to be liable for corporation tax’
It went on to say that income tax bill could be reduced even further if the manager was granted ‘special tax status’ as a ‘high executive possessing special skills’.
The Rock offers additional financial incentives including no VAT and social security payments of just £120 per family a month. This is compared to the UK where the top rate of income tax is 45% and VAT stands at 20%.
Picardo has previously denied allegations that Gibraltar is a tax haven and insists the peninsula complies with all European Union tax and transparency regulations.
He told the Guardian that the promotional campaign was going well with ‘a number of people that used to operate out of Mayfair now in Gibraltar’.
“This is a process that is going to continue. Gibraltar presents a serious advantage in the interest of shareholders,” he added. “At the end of the day it is in the interest of shareholders that hedge funds maximise revenue.”
Reader Comments »
The views expressed in the comments above are those of our users and do not necessarily reflect the views of the Olive Press.
Messages will be moderated or deleted if they:
• Are considered likely to disrupt, provoke, attack or offend others
• Are racist, sexist, homophobic, sexually explicit, abusive or otherwise objectionable
• Contain swear words or other language likely to offend
• Break the law or condone or encourage unlawful activity. This includes breach of copyright, defamation and contempt of court
• Advertise products or services for profit or gain
• Are seen to impersonate someone else
• Include contact details such as phone numbers, postal or email addresses
• Describe or encourage activities which could endanger the safety or well-being of others
• If you have a complaint about a comment please email [email protected]