6. The BVI has legislation relating to undertakings for collective investment that is deemed to be equivalent in its effect to the EC legislation referred to in Articles 2 and 6 of the Directive.
NOW THEREFORE, the Government of the BVI and the Government of the United Kingdom (hereinafter referred to as a “contracting party” or the “contracting parties” as the context requires), have agreed to conclude this agreement which contains obligations on the part of the contracting parties only and provides for—
(a)the automatic exchange of information by the competent authority of the United Kingdom to the competent authority of the BVI in the same manner as to the competent authority of a Member State;
(b)the application by the BVI, during the transitional period defined in Article 10 of the Directive, of a withholding tax from the same date and on the same terms as are contained in Articles 11 and 12 of that Directive;
(c)the automatic exchange of information by the competent authority of the BVI to the competent authority of the United Kingdom in accordance with Article 13 of the Directive;
(d)the transfer by the competent authority of the BVI to the competent authority of the United Kingdom of 75% of the revenue of the withholding tax in respect of interest payments made by a paying agent established in the BVI to an individual resident in the United Kingdom.