Gibraltar: The Legal Profession
Company incorporations and associated work had been a staple source of legal work. The downturn in the Spanish property market and the introduction of the Special Annual Tax by Spain, has meant a significant drop in incorporations.
In December 2006, Gibraltarians accepted a new constitution for the jurisdiction, which aimed to give it more autonomy from the United Kingdom over its own internal affairs.
The constitution, agreed in April 2006 by then UK Foreign Secretary Jack Straw and Peter Caruana, and between Gibraltar's two main political parties later in the year, saw the UK retaining international responsibility for Gibraltar.
However, the new constitution ceded certain powers previously in the possession of the British government to Gibraltar, and allowed the jurisdiction to have its own independent judiciary.