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Press Release

The House of Assembly today passed two important pieces of domestic legislation, the Gambling Ordinance and the Stamp Duties Ordinance.

The Gambling Ordinance provides a modern legislative framework for the licensing and regulation of Gibraltar’s Gambling industry (betting, gaming, lotteries etc) especially virtual and online gambling. This will ensure that Gibraltar remains the world’s foremost reputable jurisdiction for virtual and online Gambling. Among many other provisions, the Ordinance, prohibits underage gambling and imposes requirements for responsible gambling.

The Stamp Duties Ordinance abolishes stamp duty on all instruments except those relating to real estate property in Gibraltar. Duty is on a scale as follows:-

- Property worth up to £160,000 - stamp duty abolished.
- Property work more than £160,000 but not exceeding £250,000 - duty stays at 1.26%.
- Property value above £250,000 but does not exceed £350,000 – duty rises to 1.6%.
- Property value exceeds £350,000 - duty rises to 2.5%.
Stamp Duty on mortgages above £200,000 rises to 0.20%.

There are transitional provisions which exempt transactions in the pipeline from the duty increases. This applies to written, bona fide agreements signed before 9th December 2005 and registered with the Commissioner of Stamp Duty within 15 days of the new Ordinance, provided that the purchaser on completion is the same purchaser as named in the agreement, and other conditions (designed to prevent abuse) are met.

In order to assist practitioners in identifying the changes in this Ordinance the Government will this week place on its website a marked up copy showing new and deleted language.