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| Gibraltar Government Announces New Tax Credit |
by Ulrika Lomas, Tax-News.com, London
Monday, July 21, 2008
Gibraltar's Government announced on 15th July that, with effect from the tax year commencing 1st July 2008, persons aged 60 or over and who have no occupational pension benefits, will be eligible for a Tax Credit of up to GBP4,000 in respect of their earned income for the year.
The government explained that the Tax Credit aims to ensure that those persons who feel the financial need
to carry on working beyond the age of 60 as a result of not having had an opportunity
to save for their retirement by way of a pension scheme, will pay no tax on
the first GBP20,000 of their earned income.
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