COVID 19: FINANCIAL MEASURES (BEAT)

Today, HM Government of Gibraltar (“HMGOG”) has announced a number of financial measures to support affected businesses due to the current Pandemic lock-down. As you will be aware, a number of affected businesses have been forced to close to limit the spread of the Covid-19 virus.

In particular, the Government has announced a Business and Employee Assistance Terms (“BEAT”) to alleviate the cost affected businesses will suffer as a result of the imposed lock-down. The measures (which will be clarified once the relevant legislation is published) allow businesses to register employees as “inactive”, provided always that the individual business qualifies for the BEAT measures. These inactive employees will then be paid a basic BEAT rate by HMGOG through the business i.e. these businesses will receive payment of the basic BEAT rate monthly (being at most £1,155) and the business will in turn be required to pay their “inactive” status employees without any deductions whatsoever. These measures also apply to self-employed individuals.

This measure is one of many financial aid measures HMGOG have announced to assist businesses which may assist businesses and/or individuals who are in financial distress due to the current pandemic.

Verralls remains dedicated to provide you any advice and/or assistance you may require during this difficult and complex time. Please contact us if you require any assistance whatsoever.

These measures along with all other financial aid measures are being continually reviewed by HMGOG and may change in the fullness of time.