AUSTRALIAN TAX TREATIES

United Kingdom Convention  

CONVENTION BETWEEN THE GOVERNMENT OF AUSTRALIA AND THE GOVERNMENT OF THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME AND ON CAPITAL GAINS  

2003 UNITED KINGDOM NOTES

No LGB 03/170  

1.  
With reference generally to the application of the Convention (including these Notes), the Contracting States agree that:


(a) the term " income or gains " includes " profits " ;


(b) the term " laws " includes the full body of law, and is not limited to statutory law;


(c) the terms " paid or credited " and " payments or credits " shall not include the recording of internal transactions between a permanent establishment and another part of the same enterprise;


(d) the expression " any provision of the laws of a Contracting State which is designed to prevent the avoidance or evasion of taxes " includes:


(i) measures designed to address thin capitalisation, dividend stripping and transfer pricing;

(ii) controlled foreign company, transferor trust and foreign investment fund rules;

(iii) measures designed to ensure that taxes can be effectively recovered (conservancy measures); and


(e) nothing in the Convention shall be construed as restricting, in any manner, the application of any provision of the laws of a Contracting State which is designed to prevent the avoidance or evasion of taxes.


 

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