The entry into force of the third Protocol of the Double Taxation Convention between the United Kingdom and Canada was announced by the Inland Revenue on Wednesday.
The Protocol was originally signed in London on 7 May 2003, and is effective from 4 May 2004, the Revenue confirmed.
In the United Kingdom, the provisions of the treaty will take effect in respect of corporation tax on or after 1 April 2005, and in respect of income and capital gains tax for any year of assessment beginning on or after 6 April 2005.
Meanwhile, in Canada, the provisions will take effect in respect of tax withheld at source on amounts paid or credited to non-residents, on or after 1 January 2005, and on other Canadian tax for taxation years beginning on or after 1 January 2005.
Party to more than 100 similar agreements, the United Kingdom has one of the largest networks of double taxation treaties, according to the Inland Revenue.
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