New double taxation legislation
New draft legislation together with explanatory memoranda has been published in relation to double taxation relief between the UK and six other countries. The various pieces of legislation will take force once both countries party to an agreement have finalised their respective legislative procedures.
The draft legislation relates to agreements between the UK and Belgium, Cayman Islands, Federal Republic of Germany, Georgia, Hong Kong and Malaysia.
The agreements have been drafted to remove the prospect of double taxation and for the exchange of information necessary to prevent fraud. Some of the agreements also include other country specific measures. For example, the agreement with Belgium includes a new binding arbitration clause in the event of a protracted dispute between the Belgian and UK tax authorities