The Gibraltar corporate tax scheme (2010) is based on the territorial principle: all activities deriving from or accrued in Gibraltar are taxed. However, there exists an exemption for passive income (i.e. dividends, royalties and certain types of interests) which is no longer subject to tax in Gibraltar irrespective of where the source of the income…
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UK Government has announced plans to create a publicly accessible central registry of information on beneficial ownership to better identify who really owns a company in the UK.
Family members left out of an expat´s last will and testament might soon find it easier to contest its bequests if a bill now before parliament is voted into law. Non-beneficiaries in the home country who are considered to have legal claims may well be able to pursue the matter in the courts. This change…
The European Court of Justice has recently (17 October) stated that the taxable base of the inheritance tax of a non-resident heir, where he is partially subject to inheritance tax in Germany, is less than that of a resident or non-resident heir who is wholly subject to that tax in that Member State, and this…
Bearer shares will be held in custody along with a declaration about the legal owner. Law applies to bearer shares issued prior and subsequent to the date it cames into force. Banks, trustees, entities and brokerage firms registered at the country´s Supreme Court of Justice will be entitled to act as guards of the bearer…
The draft national budget for 2014 was presented on 30 September 2013 to the Spanish Parliament. The economical measures within the structural reforms approved on December 2011 by the Spanish Government raised certain taxes temporarily to offset the forecast deficit drift. A supplementary solidarity surcharge was levied on work income and capital income for 2012…
The Law 4/2013 of 4th of June has updated the Urban Leasehold Law (the «LAU») to increase the flexibility and promote the housing rental market, in particular: Strengthening freedom of contract and giving priority to the autonomy of the parties. The term of lease, reducing the mandatory extension from five to three years and the…
Signed in London last 14th of March, it has been published last Friday October 4th in the Official Gazette of the Spanish Congress (BOCG), to draw up the amendments by next 23rd of October. It will replace the old 1975 Double Tax Agreement (DTA) with some significant changes, specially regarding the taxation on shares of…
As we advanced a few days ago, Spanish Government approved the Law that will allow non EU members to stay in Spain for more than 3 months investing in our country. Please find below the link to our last newsletter with detailed information about this new Law https://www.jca-abogados.com/newsletter/JCA_UPDATE_REPORT_02.13.pdf
Spanish Inheritance Tax: outlook The Spanish Supreme Court declared last May that current local Inheritance Tax regulations are against the Spanish Constitution, as it discriminates Spaniards. The fact that someone living in Madrid will not pay Inheritance Tax or someone in Valencia will get a 75% discount (99% previously) compared to other Regions in Spain…
As we advanced, the Spanish Government approved the draft Bill of Entrepreneurs aimed to promote foreign Investment in different areas as well as the development of business Projects in Spain, amongst other measures. The Law of Entrepreneurs has been finally approved in the Spanish Parliament´s plenary sessions last Thursday 19th of September. The Law has not…
UK Government proposed to introduce a statutory definition of residence (the Statutory Residence Test known as SRT) and end the concept of «ordinarily resident» and «not ordinarily resident». According to the draft guidance published by the HMRC you will be resident in the UK for a tax year if you meet the «automatic residence test»…