The General Court of the European Union recently issued its judgment concerning the European Commission's 2018 decision that Gibraltar's prior corporate tax exemption for interest and royalties, as well as five related tax rulings, are incompatible with EU State aid rules. The exemption for interest and royalty income was introduced in the Income Tax Act 2010, which entered into force on 1 January 2011, although subsequent amendments subjected interest to corporate income tax from 1 July 2013 and subjected royalties to tax from 1 January 2014. During the time the exemption applied, several related tax rulings were granted, including five...