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The Double Taxation Relief (Taxes on Income) (Isle of Man) Order 1991
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- 1991 No. 2880
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
The Arrangement scheduled to this Order makes two amendments to the Arrangement between the United Kingdom and the Isle of Man which is scheduled to the Double Taxation Relief (Taxes on Income) (Isle of Man) Order 1955.
First, the definition of the United Kingdom is extended to include the United Kingdom Continental Shelf (paragraph 1).
Secondly, it gives each territory the right to tax income derived by residents of the other territory from certain activities carried on offshore in the first-mentioned territory in connection with exploration and exploitation of the sea-bed and sub-soil and their natural resources (paragraph 2).
The Arrangement will generally have effect in the United Kingdom from April 1992 but enterprises of one of the territories carrying on activities offshore in connection with the sea-bed and sub-soil and their natural resources in the other territory at 10th July 1991 will be outside the scope of the Arrangement until April 1994 (paragraph 3).
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