Stamp Duty

Stamp Duty is the tax payable to the government when purchasing a property priced over £200,000. The amount payable depends on factors such as whether you are a first or second time buyer, the value of the property and the mortgage amount (if any). 

There are a number of duties and disbursements as follows:

1) Stamp Duty – The Gibraltar Stamp Duties Act 2005 (as amended) relates only to transactions involving real estate property situate in Gibraltar. The rates of duty applicable are as follows:

(a)  Where the purchaser qualifies as a first- or second-time homebuyer and the property consists entirely of residential property:-

(i)  Nil % on the first £260,000 of the value of the property;

(ii)  5.5% on any balance above £260,000 to £350,000

(iii)  3.5% on the balance above £350,000

(b)  Nil % where the property is being transferred between spouses or, following the dissolution of a marriage, between former spouses

(c)  In all other instances:-

(i)  Nil % where the value of the property does not exceed £200,000;

(ii)  2% on the first £250,000 and 5.5% on the balance, where the value of the property exceeds £200,000 but does not exceed £350,000; and

(iii)  3% on the first £350,000 and 3.5% on the balance where the value of the property exceeds £350,000.

Additionally, if the property is purchased with the assistance of a mortgage, stamp duty is charged at the rate of 0.13% where the amount borrowed does not exceed £200,000 and 0.20% for amounts in excess of £200,000.

2) Land Titles Register – a fee of £125 per deed is charged for recording the transaction in the Land Titles Register.

NOTE:
The registration procedure referred to above should not be confused with the Land Registration procedure in the United Kingdom. In Gibraltar there is only a requirement under the Gibraltar Land Titles Act 2011 to register the deed in order to keep a public record of property transactions. As a result, the protection afforded by the priority of periods granted under the Land Registry rules in the UK is not available in Gibraltar.