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

ARTICLE 28 Termination

This Convention shall remain in force until terminated by one of the Contracting States. Either Contracting State may terminate this Convention by giving notice of termination, through the diplomatic channel, at least six months before the end of any calendar year after the year 1995. In such event, this Convention shall cease to 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 in the calendar year next following that in which notice is given, and subsequent years;

(ii) in respect of corporation tax, for any financial year beginning on or after 1st April in calendar year next following that in which the notice is given, and subsequent years;

(b) in Iceland: in respect of taxes on income and capital gains for any year of assessment of taxes chargeable on income and capital gains of the calendar year (including accounting periods ending in any such year) next following that in which the notice of termination is given, and subsequent years.

In witness whereof the undersigned, duly authorised thereto by their respective Governments, have signed this Convention.

Done in duplicate at Reykjavik this 30th day of September 1991 in the English and Icelandic languages, both texts being equally authoritative.