For a United Kingdom taxpayer, the newly announced 2024 UK Budget leaves much to be desired, especially given the substantial tax hikes that place additional burdens on employers, property owners, and savers.

One of the most impactful changes is the £40 billion increase in taxes, heavily funded by a National Insurance (NI) rise for employers. Starting in April 2025, businesses will see NI contributions climb by 1.2 percentage points, along with a significant drop in the NI threshold—from £9,100 to £5,000—forcing more small businesses to pay. These policies, expected to raise £25 billion annually, seem likely to place undue strain on employers, potentially stifling job growth and increasing costs that may ultimately affect employees.

Capital Gains Tax (CGT) changes will also hit individuals hard. Rates on assets jump from 10% to 18% for lower brackets and from 18% to 24% on higher brackets, including residential properties. This CGT increase effectively discourages investment and may create significant losses for those selling property or long-held assets.

Additionally, the budget’s plan to unfreeze tax bands by 2028 offers little immediate relief to taxpayers, who will continue to feel the effects of “stealth tax” policies as inflation pushes incomes into higher tax brackets. Combined with higher levies on everyday items like soft drinks and tobacco, this budget feels less like a commitment to improving citizens’ economic wellbeing and more like an intensified pressure on their finances.

Many of these tax changes will result in higher costs passed down to ordinary consumers and small businesses, who will bear the brunt of a budget designed to raise revenues at the expense of financial stability for taxpayers.

Gibraltar, the tax-friendly business hub with global access, could be your solution.

Located at the crossroads of Europe and Africa, Gibraltar offers an attractive environment for business individuals and companies seeking tax efficiency, stability, and international connectivity. Known for its low-tax status, Gibraltar operates without VAT, capital gains, inheritance, or wealth taxes, making it an ideal base for those looking to grow and protect their assets.

Gibraltar: Your Tax-Friendly Gateway to Global Business
Gibraltar’s proximity to Europe and its international airport, road, and sea links make it a well-connected choice for businesses with global interests. Over the past 40 years, Gibraltar has become a reputable financial centre, bolstered by a stable economy, strong political landscape, and robust professional infrastructure.

Advantages of Working Through a Gibraltar Company

• Tax-Efficient Structure: Companies conducting profit-making activity outside Gibraltar benefit from 0% tax on profits, while only locally generated profits are subject to a low corporate tax rate of 15%.
• EU Compliance: As a former EU member, Gibraltar adheres to EU directives on financial services, offering familiarity and reputation in international markets.
• Streamlined Company Administration: Incorporations can be completed within 24 hours (urgent) or in a matter of days (non-urgent), and administrative processes, including notarisation and legalizations, are accessible within Gibraltar.
• Financial Stability: With its British Common Law legal system, stable government, and established Banking, Insurance, and Financial Services Acts, Gibraltar provides a reliable regulatory environment.
• Low Operating Costs: Business expenses in Gibraltar are competitive, providing a cost-effective solution compared to other financial jurisdictions.
• Flexible Structures and Privacy: Companies can be structured with individual or corporate shareholders, and Annual General Meetings are not required, enhancing ease of administration.

Gibraltar’s exceptional communications, secure environment, and the benefit of a skilled workforce, alongside the promise of 300 days of sunshine, make it not only a practical but also a lifestyle-friendly business destination. With access to the UK for insurance, banking, and investment services post-Brexit, Gibraltar stands as a unique gateway to both UK and EU markets.

Can I Set Up and Run a Company from Home or My Office?
Absolutely. You’ll receive the same expert guidance and support from our team as if you were here in person, without any compromise on service quality. We provide licensed directors, shareholders, and a company secretary, along with a registered office address—all managed from the convenience of your home or office.

Now is the Time to Work with The Europa Group

Europa Trust Company Limited is part of the Europa Group. We have been based in Gibraltar for over 39 years and have built a reputation as a stable and reputable business.

We provide a comprehensive range of company and trust formation and management services including company and trust administration, foundations, partnerships, corporate directors, shareholders and secretaries, accounting, marine registration and other associated services.

Our clients are an eclectic mix of international executives, authors, sportsmen, corporations, wealthy individuals, families and many more. Their individual interests and needs are at the centre of our focus. Each client benefits from the experience and multi-jurisdiction knowledge of a dedicated Europa Group professional.

The Europa Group is authorised and regulated by the Gibraltar Financial Services Commission.

If you are thinking of changing your company management, Contact us today to find out how we can help you.