April 05, 2023

Increase in penalties at Income Tax Office

Late filing penalties

As a result of legislation published back in July 2022, fines for the late filing of income tax returns and/or financial statements, will increase as of 1st July 2023. The full bill introducing the changes can be see here

Current fines are £50 for a late filing, an additional £300 if filed over 3 months late, and an additional £500 for filing over 6 months late.

These are set to increase as follows:

Company size

Late filing

After more than 3 months overdue

(additional amount)

After more than 6 months overdue

(additional amount)

Micro / small













The size of a company is defined in Schedule 9 of the Companies Act 2014 where a company must meet two of the three following criteria in the current and preceding year:


Small / micro



Net turnover (pro-rated if more or less than a year)

Up to £10.2m

Up to £36m

Over £36m

Balance sheet total (total assets)

Up to £5.1m

Up to £18m

Over £18m

Average persons employed

Up to 50

Up to 250

Over 250


Moving from a larger to a smaller size company requires two years of meeting the relevant criteria.

If the Commissioner of Income Tax determines that the taxpayer has a valid justification for missing the filing dates during the default period the fines may be voided.

Fiduciary offer a comprehensive range of company and trust services including preparation of tax returns as well as accounting services. Fiduciary can prepare your Gibraltar company’s financial statements and file your company’s tax return.

For any further information please contact your Company Manager or email us at info@fid.gi.