​GSD says introduction of property tax highlights cash shortage and historic financial mismanagement | GBC – Gibraltar News

The GSD says the introduction of a property tax by the Government highlights a critical cash shortage driven by historic financial mismanagement.

Opposition MP Roy Clinton says the recently-gazetted bill has raised more questions than answers, leaving investors uneasy.

Minister for Taxation, Nigel Feetham, announced the measure in his budget address, saying it targeted those conducting a ‘property trade’.

The bill means those who own three or more properties – not including their primary home – will be subject to a new tax on profits from sales.

Responding to GSD criticism today, Mr Feetham said it ensures property ownership benefits the many, not just the few.