Allo' Expat Falkland Island - Connecting Expats in Falkland Island
Main Homepage
Allo' Expat Falkland Island Logo


Subscribe to Allo' Expat Newsletter
 
Check our Rates
   Information Center Falkland Island
Falkland Island General Information
Falkland Island Expatriates Handbook
Falkland Island and Foreign Government
Falkland Island General Listings
Falkland Island Useful Tips
Falkland Island Education & Medical
Falkland Island Travel & Tourism Info
Falkland Island Lifestyle & Leisure
Falkland Island Business Matters
 
Falkland Island Business
Taxation in Falkland Island
  Sponsored Links


Check our Rates

Taxation in Falkland Island
 
 
 

General

The Falkland Islands tax year runs from 1st January to 31st December. Employers are required to withhold POAT (Payments on Account of Tax) from employee remuneration.

Note: A Medical Services Levy (1% on employees, 1.5% on employers and 2.5% on self-employed) has been recently proposed and may come into force from 1 January 2011 however this tax has not yet been legislated.
The Falkland Islands holds a double taxation agreement with the United Kingdom which overrides domestic taxes legislation.

Corporation Tax

Companies are charged Corporation Tax at 21% on the first £1 million and any amount thereafter at 26%. Corporate non-resident offshore contractors involved in the search for petroleum will be chargeable to Corporation Tax at the normal (or full) rate of 26%.

A pay and file system is in operation, which requires companies to pay Corporation Tax without demand and to file accounts, both within specified limits.

Income Tax

Individuals
2010 income tax year – Personal allowance (PA) £14,000, then the first £13,000 of net chargeable income is charged at 21% and any amount thereafter charged at 26%.

Note: With effect from 1 January 2011 – PA £12,000, then the first £12,000 of net chargeable income is charged at 21% and any amount thereafter charged at 26%.

Residency for Tax Purposes

Resident
Present in the Falkland Islands for total of 183 days or more during the relevant tax year.

Ordinarily Resident
Repeatedly the Falkland Islands tax resident except for a temporary absence.

Non-Residents and Non-Ordinarily Residents
Subject to the Falkland Islands tax on the income/duties performed in the Falkland Islands.

Entitled to a proportion of the PA based on the number of days they were present in the Falkland Islands during the tax year.

Not entitled to any reliefs for Retirement Pension Contributions (RPCs), personal pension/retirement benefit schemes, subscriptions, charitable donations.

Residents and/or Ordinarily Residents
Subject to the Falkland Islands tax on worldwide income (will give foreign tax credit, on proof of tax paid, which will be limited to the tax due on that source of income under the Falkland Islands tax rates).

Entitled to full PA.

Entitled to relief for any allowable RPCs, personal pension/retirement benefit schemes, subscriptions, charitable donations (the individual needs to make the relevant claim in their tax return).

 

 
 

 



 


copyrights © AlloExpat.com
2017 | Policy