HMRC has published the synthesised texts of the UK’s double tax conventions with both Iceland and South Korea as modified by the BEPS multilateral instrument (MLI).
The modifications made by the MLI are effective for:
taxes withheld at source, from 1 January 2020 (UK and Iceland) and from 1 January 2021 (UK and South Korea);
corporation tax in the UK, from 1 April 2021;
income tax and capital gains tax in the UK, from 6 April 2021; and
all other taxes levied by Iceland for taxable periods beginning on or after 1 January 2021; and for all other taxes levied by South Korea for taxable periods beginning on or after 1 March 2021.
Separately, Namibia has signed the MLI, and Andorra and Spain have deposited their instruments of ratification.
HMRC has published the synthesised texts of the UK’s double tax conventions with both Iceland and South Korea as modified by the BEPS multilateral instrument (MLI).
The modifications made by the MLI are effective for:
taxes withheld at source, from 1 January 2020 (UK and Iceland) and from 1 January 2021 (UK and South Korea);
corporation tax in the UK, from 1 April 2021;
income tax and capital gains tax in the UK, from 6 April 2021; and
all other taxes levied by Iceland for taxable periods beginning on or after 1 January 2021; and for all other taxes levied by South Korea for taxable periods beginning on or after 1 March 2021.
Separately, Namibia has signed the MLI, and Andorra and Spain have deposited their instruments of ratification.
