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Tax relief for landlords
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The Government has extended the validity of the INCOME TAX (DEDUCTION OF APPROVAL EXPENDITURE ON PREMISES IN TAX DEDUCTION PROPERTY ZONE) RULES 1999 to 31 December 2009.
In addition, the Rules, which only applied to the City Centre and the South District, have been extended to cover the whole of Gibraltar.
The tax relief available under these Rules is available to landlords who externally refurbish and enhance their properties, says a Govt Press release. It may be obtained upon completion of the works by writing to the Town Planning Office and submitting a request for approval. Once this is granted, a certificate of completion for the costs of the works will be issued. The relief may then be claimed by presenting the certificate to the Income Tax Office.
?The introduction of this scheme in 1996 has assisted a large number of landlords with properties in the City Centre and the South District to refurbish and enhance the exterior of their properties. The current extension of this scheme to Landlords in all areas of Gibraltar will include properties in areas which up to now were not part of this scheme. This will help to further enhance the image of Gibraltar? said the Minister with responsibility for Trade and Industry, Joe Holliday.
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