Global Daily Tax News, Gibraltar To Seek Income Tax From Multiple-Property Owners, (Aug 5, 2024)

Gibraltar has drafted legislation for a change to the tax rules for investors who own three or more residential properties.

The legislation confirms that income earned from the sale of properties would be taxable. The change affects both direct disposals and disposals of shares, directly or indirectly, in a property holding entity by the person, or any nominee holding shares on behalf of the person.

The change also affects property held by a company, trust, foundation, or partnership.

Exemptions exist for main residences; commercial properties, as well as mixed-use properties that are predominantly used for commercial purposes; buildings used for religious purposes; hotels; derelict houses; and retirement homes, among others.