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Newsletter | Articles New Double Taxation Agreements UK investors with overseas assets such as property are set to get a tax boost after HM Revenue and Customs' (HMRC) recent announcement that new tax treaty arrangements with four additional countries will soon come into effect. Financial Secretary to the UK Treasury, Jane Kennedy, recently announced that during the Treasury's tax treaty programme to March 31, 2009, the government plans to complete work on new treaties with the Netherlands, Ethiopia, Libya and Thailand. It also intends to progress negotiations with China, US, Spain, Belgium, Luxembourg and Hungary. The UK government also plans to commence new negotiations with Australia, Canada, Israel and Spain, and will make further announcements about treaty talks with other jurisdictions as and when arrangements are in place. Double taxation treaties aim to help UK residents avoid being taxed in two countries when income, such as rental income, and capital gains tax arise in a foreign country. Such treaties are particularly of interest to international second home owners and companies. "The UK has a comprehensive network of bilateral double taxation conventions and we are committed to maintaining and strengthening this network. These agreements help UK business and investors to remain competitive by providing them with a measure of certainty and stability in their tax affairs," said financial secretary Jane Kennedy. As well as the four announced new treaties, work on tax information agreements with Brazil, Jersey, Guernsey, the Isle of Man and the British Virgin Islands is expected to be completed by the end of March 2009. At that date the UK will have double taxation treaties with 115 countries. |