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Gibraltar Stock Exchange Recognized By UK's HMRC

by Jason Gorringe, Lowtax.net, London
18 October, 2016

The Gibraltar Government has confirmed that the Gibraltar's Stock Exchange has been designated a "recognized stock exchange" by HM Revenue and Customs with effect from August 16, 2016.

The term "recognized stock exchange" is used throughout UK tax law and regulations. For example, it is a condition for investments from Individual Savings Accounts and in the qualifying criteria for the quoted Eurobond exemption, which allows payment of interest gross without deduction of withholding tax.

The recognized stock exchange designation extends to the entire Gibraltar Stock Exchange and allows the Exchange to expand its services and offering to issuers. In particular, HMRC recognition allows UK Self-Invested Personal Pensions and Individual Savings Accounts to hold securities listed on the Gibraltar Stock Exchange.

The decision by HMRC follows recognition of the Exchange by the European Union's (EU) European Securities and Markets Authority in January 2016 and the Cayman Islands Monetary Authority in March 2015.

Commenting on the decision of HMRC, Nick Cowan, Managing Director of the Gibraltar Stock Exchange, said: "The Exchange's growth, as an EU regulated market, has been built on providing a robust prospectus approval and listing process that is fast to market, commercially attractive, and well-regulated for issuers of debt securities (including corporate bonds, asset-backed securities, insurance-linked securities, convertible bonds, and derivative securities) and issuers of shares in funds. It opens up new channels of distribution for our issuers and provides an alternative to the current listing venues. We look forward to further growing the business of the Exchange."

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