Individuals and Employees
The tax year in the Falkland Islands runs from 1st January to 31st December.
Tax returns for individuals are issued in March following the tax year and have a submission deadline of 31st July or 60 days from the date of issue, whichever is later.
Payment of tax liabilities is 1st October or 30 days from the date of assessment, whichever is later.
Personal Allowance & Tax Rates
The personal allowance is currently £15,000, depending on an individual’s tax residency.
The first £12,000 after the personal allowance and other allowable deductions is taxed at 21% with any remaining amount being taxed at 26%.
Residency for tax purposes differs to resident for immigration purposes.
A Tax Resident is someone who has been physically present in the Islands for 183 days or more during the relevant tax year.
A Non-Resident is someone who has been physically present in the Islands for less than 183 days. Non-residents get a reduced personal allowance based on the number of days physically present in the Islands.
Someone repeatedly resident except for a temporary absence is classed as ordinarily resident.
For more information on Residency please see ‘A General Guide for Individuals’
Tax Resident individuals are required to declare all income including employment, self-employment, pensions, benefits in kind, dividends, rental income, casual labour from both the Falklands and overseas as well as interest and income from ISA’s from overseas, as these are taxable here.
Individuals on contract, recruited from overseas may receive a gratuity – all gratuities are taxable.
There are prescribed Benefits In Kind (BIK’s) for housing, board and accommodation including heating & electricity, vehicles, travel. For more information on Benefits In Kind, please see ‘Benefits In Kind’
Double Taxation Agreement
The Falkland Islands hold one Double Taxation Agreement with the UK. Please see here for more information.
For details on how to make payment: