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Capital Gains Tax
9th July 2008
At the Court at Buckingham Palace, the 9th day of July 2008
The Queen’s Most Excellent Majesty in Council
A draft of this Order was laid before the House of Commons in accordance with section 788(10) of the Income and Corporation Taxes Act 1988(1) and section 173(7) of the Finance Act 2006(2) and approved by a resolution of that House.
Accordingly, Her Majesty, in exercise of the powers conferred upon Her by section 788(1) of the Income and Corporation Taxes Act 1988 and section 173(1) of the Finance Act 2006, by and with the advice of Her Privy Council, orders as follows—
1. This Order may be cited as the Double Taxation Relief and International Tax Enforcement (Taxes on Income and Capital) (Saudi Arabia) Order 2008.
2. It is declared that—
(a)the arrangements specified in the Convention set out in Part 1 of the Schedule to this Order and in the Protocol set out in Part 2 of that Schedule have been made with the Government of the Kingdom of Saudi Arabia with a view to affording relief from double taxation in relation to income tax, corporation tax and capital gains tax and taxes of a similar character imposed by the laws of the Kingdom of Saudi Arabia;
(b)those arrangements include provisions with respect to the exchange of information foreseeably relevant to the administration, enforcement or recovery of the taxes, and debts relating to the taxes, covered by the arrangements including, in particular, provisions about the prevention of fiscal evasion with respect to those taxes; and
(c)it is expedient that those arrangements should have effect.
Clerk of the Privy Council
(This note is not part of the Order)
A Convention dealing with the avoidance of double taxation and fiscal evasion between the United Kingdom and the Kingdom of Saudi Arabia (“the Convention”) is set out in the Schedule to this Order.
Article 2 makes a declaration as to the effect and content of arrangements set out in the Convention contained in Part 1 of the Schedule to the Order and in the Protocol contained in Part 2 of that Schedule and that it is expedient that those arrangements should have effect.
A detailed explanation of the Convention can be found in the Explanatory Memorandum published with the Convention and which may be accessed on the web site of the Office of Public Sector Information at http://www.opsi.gov.uk/stat.htm
The Convention will enter into force on the first day of the second month following the date of the later of the notifications by each country of the completion of its legislative procedures.
It will take effect in the United Kingdom—
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 the Convention enters into force; and
in respect of corporation tax, for any financial year beginning on or after 1st April in the calendar year next following that in which the Convention enters into force.
It will take effect in the Kingdom of Saudi Arabia—
in respect of taxes withheld at source, for amounts paid on or after 1st January next following the date upon which the Convention enters into force; and
in respect of other taxes, for taxable years beginning on or after 1st January next following the date upon which the Convention enters into force (see Article 29 of the Convention).
A full regulatory impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.
1988 c. 1: section 788 was extended by section 277 of the Taxation of Chargeable Gains Act 1992 (c. 12). It has also been amended. The relevant amendments are as follows: Subsection (1) was amended by section 88(1) of the Finance Act 2002 (c. 23). Subsection (10) was substituted by section 176 of the Finance Act 2006 (c. 25).
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