On 30 June 2014, the Chief Minister of Gibraltar, Fabian Picardo, delivered the 2014-15 Budget. Most of the changes introduced are in regard to individual income taxation, and are effective from 1 July 2014.

Key individual income tax changes include:

• The individual income tax rate for £4,001 to £16,000 under the allowance based system (ABS) is reduced to 18% from 24%. The lower rate of 15% …