UK–EU Gibraltar Agreement 2026: what it means for the insurance industry
A new draft agreement has prompted questions from insurance groups about whether Gibraltar’s proposed Transaction Tax might change the treatment of insurance services supplied by companies based there. Mark Ellis, a partner at PKF Littlejohn examines the implications.
The publication of the draft UK–EU Gibraltar agreement on 26 February prompted immediate questions from insurance groups about whether Gibraltar’s proposed Transaction Tax might introduce VAT‑style obligations or change the treatment of insurance services supplied by Gibraltar-based companies
To begin with, it is important to understand the scope of the proposed TT, which forms part of Gibraltar’s alignment with certain elements of the EU customs framework.
Crucially, the TT will apply solely to
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