The Double Taxation Relief (Taxes on Income) (Iceland) Order 1991

ARTICLE 27 Entry into force

(1) Each of the Contracting States shall notify to the other the completion of the procedures required by its law for the bringing into force of this Convention.

(2) This Convention shall enter into force on the date of receipt of the later of these notifications and shall thereupon have effect:

(a) in the United Kingdom:

(i) in respect of income tax and capital gains tax, for any year of assessment beginning on or after 6th April;

(ii) in respect of corporation tax, for any financial year beginning on or after 1st April;

(b) in Iceland: in respect of taxes on income and capital gains derived on or after 1st January, including any accounting periods ending in that period;

in either case in the calendar year following that in which the later of these notifications is received, and subsequent years.

(3) The Agreement between the United Kingdom and Iceland for the Exemption of Shipping Profits from Double Taxation signed at London on 27th April 1928 shall terminate and cease to be effective from the date upon which this Convention has effect in respect of the taxes to which this Convention applies in accordance with the provisions of paragraph (2) of this Article.