The European Commission found on Wednesday 19 December that a corporate tax exemption scheme and five advance tax decisions ('rulings') in force in Gibraltar were incompatible with EU State Aid rules and called on the UK authorities to recover around 100 million euros in this respect.
This decision follows two in-depth investigations, one opened in October 2013 concerning the corporate tax exemption scheme applied from 2011 to 2013 to interest and royalty income (see EUROPE 10944),...