Senior Managers with Special Skills (HEPSS) Special Tax Status – Taxation

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Gibraltar: Senior Managers with Special Skills (HEPSS) Special Tax Status

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Gibraltar’s geographical position at the southern tip of the Iberian Peninsula, coupled with its favorable tax regime, makes this jurisdiction an attractive choice for senior executives with special skills (HEPSS) seeking to establish their residence here.

HEPSS status is a special employment status available to people who intend to settle in Gibraltar and take up employment.

A person for whom a HEPSS certificate is issued will need to earn a minimum amount of £ 160,000 in order to qualify for this allowance. They will pay tax on that amount and no more.

As a result of the new regulations, transitional provisions will apply to a natural person in respect of whom a certificate has been issued:

(1) which is valid and in force on July 31, 2021; and
(2) who earns between £ 120,000 and £ 160,000.

The natural person for whom this applies is taxable from August 1, 2021 on his taxable income until July 31, 2023 or the expiry of the certificate, at the earliest. In line with Gibraltar’s 2021 budget, this will allow employers not to lose an employee’s HEPSS certificate while they readjust their employee’s earnings and qualify under the revised provisions for HEPSS (i.e. earn over £ 160,000).

Download our full PDF for more information on the updated requirements and application process following the Gibraltar Budget Address 2021.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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