SCHEDULE
Article 2
SCHEDULE
The Double Taxation Relief and International Tax Enforcement (Iceland) Order 2014
| Jurisdiction | UK Non-devolved |
| Citation | SI 2014/1879 |
| Year | 2014 |
2014 No. 1879
Capital Gains Tax
Corporation Tax
Income Tax
The Double Taxation Relief and International Tax Enforcement (Iceland) Order 2014
Made 16th July 2014
At the Court at Buckingham Palace, the 16th day of July 2014
Present,
The Queen’s Most Excellent Majesty in Council
A draft of this Order was laid before the House of Commons in accordance with section 5(2) of the Taxation (International and Other Provisions) Act 20101and section 173(7) of the Finance Act 20062and approved by a resolution of that House.
Accordingly, Her Majesty, in exercise of the powers conferred upon Her by section 2 of the Taxation (International and Other Provisions) Act 2010 and section 173(1) to (3) of the Finance Act 2006, by and with the advice of Her Privy Council, orders as follows—
Citation
1. The Order may be cited as the Double Taxation Relief and International Tax Enforcement (Iceland) Order 2014.
Double taxation and international tax enforcement arrangements to have effect
2. It is declared that—
(a) the arrangements specified in the Convention and Protocol set out in the Schedule to this Order have been made with the Government of Iceland;
(b) the arrangements have been made with a view to affording relief from double taxation in relation to capital gains tax, corporation tax and income tax and taxes of a similar character imposed by the laws of Iceland and for the purposes of assisting international tax enforcement; and
(c) it is expedient that those arrangements should have effect.
Richard Tilbrook
Clerk of the Privy Council
EXPLANATORY NOTE
(This note is not part of the Order)
The Schedule to this Order contains a Convention and a Protocol (“the Arrangements”) between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Iceland dealing with the avoidance of double taxation and the prevention of fiscal evasion. This Order brings the Arrangements into effect.
The Arrangements aim to eliminate the double taxation of income and gains arising in one country and paid to residents of the other country. This is done by allocating the taxing rights that each country has under its domestic law over the same income and gains, and/or by providing relief from double taxation. There are also specific measures which combat discriminatory tax...
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