UK And New Zealand Update Double Taxation Agreement

by Jason Gorringe, Tax-News.com, London

19 August 2004

The UK’s Inland Revenue announced on Tuesday the entry into force of a Protocol amending the Double Taxation Convention between the United Kingdom and New Zealand.

The Protocol, effective from 23 July 2004, amends the Convention signed on 4 August 1983 by updating provisions on business profits, dividends, interest, royalties, the exchange of information and the treatment of capital gains.

The Protocol also includes a provision to deal with income not covered by any other Article of the Convention.

According to a Revenue statement, the amendments will enter into force in the UK:

• In respect of the provisions relating to capital gains and the exchange of information from 4 November 2003;
• In respect of corporation tax, for any financial year beginning on or after 1 April 2005; and
• In respect of income tax generally, for any year of assessment beginning on or after 6 April 2005.

• In respect of the provisions relating to capital gains and the exchange of information from 4 November 2003; and
• In respect of other New Zealand tax, for any income year beginning on or after 1 April 2005.

Recommended