UK- Luxembourg tax agreement
A new protocol to the Double Taxation Convention has been agreed between the UK and Luxembourg.
The new protocol updates the exchange of information clauses to bring the Convention in line with the OECD’s model. Briefly, the protocol is drafted to allow for the exchange of information necessary to prevent fraud.
The protocol will take force once both countries have finalised their legislative procedures. The provisions will then take effect for tax years beginning on or after 1 January of the calendar year following its entry into force.