Part 7 Double Taxation Relief [etc]
Finance Act 2011 (2011 c 11) | Legislation

Part 7 Double Taxation Relief [etc]

Arrangements affording double taxation relief

66

(1)     If the Treasury by order declares—

(a)     that arrangements specified in the order have been made in relation to any foreign territory with a view to affording relief from double taxation in relation to the bank levy and any equivalent foreign levy, and

(b)     that it is expedient that those arrangements should have effect,

those arrangements (“double taxation arrangementsâ€) have effect so far as they provide for relief from the bank levy.

(2)     In this Part of this Schedule—

“equivalent foreign levyâ€, in relation to a foreign territory, means any tax imposed by the law of that territory which corresponds to the bank levy;

“foreign territory†means a territory outside the United Kingdom.

(3)     For the purposes of sub-paragraph (2), tax may correspond to the bank levy even though—

(a)     the tax is payable under the law of a province, state or other part of a country,

(b)     it is levied by or on behalf of a municipality or other local body, or

(c)     its proceeds form a fund used for a particular purpose.

(4)     Double taxation arrangements have effect under sub-paragraph (1)—

(a)

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