The Double Taxation Relief (Bank Levy) (Netherlands) Order 2015

Made: 23rd February 2015

Laid before the House of Commons: 24th February 2015

Coming into force: 17th March 2015

The Treasury make the following Order in exercise of the powers conferred by paragraphs 66(1) and 67A of Schedule 19 to the Finance Act 2011[^f00001].

Citation, commencement and effect

1

This Order may be cited as the Double Taxation Relief (Bank Levy) (Netherlands) Order 2015 and comes into force on 17th March 2015.

Double taxation arrangements to have effect

2

It is declared that—

• (a) the arrangements specified in the Convention set out in Part 1 of the Schedule to this Order and the Protocol set out in Part 2 of that Schedule have been made with the Kingdom of the Netherlands;

• (b) the arrangements have been made with a view to affording relief from double taxation in relation to the bank levy and an equivalent foreign levy imposed by the laws of the Netherlands;

• (c) the international tax enforcement arrangements specified in Article 7 of the Convention have been made in association with those arrangements; and

• (d) it is expedient that those arrangements and the international tax enforcement arrangements should have effect.

SCHEDULE

PART 1

PART 2

Signed

Alun Cairns — Gavin Barwell — Two of the Lords Commissioners of Her Majesty’s Treasury — 23rd February 2015

Explanatory note

(This note is not part of the Order)

EXPLANATORY NOTE

The Schedule to this Order contains a convention and a protocol (“the arrangements”) made between the United Kingdom of Great Britain and the Kingdom of the Netherlands for the avoidance of double taxation and international tax enforcement in relation to the bank levy and the equivalent Netherlands bank tax. This Order brings the arrangements into effect.

The arrangements aim to eliminate double taxation where a bank is chargeable to the bank levy and the equivalent levy in the Netherlands. This is done by allocating the taxing rights that each country has under its domestic law over the same bank or by providing relief from double taxation by way of credit for the other country’s levy.

Article 1 provides for citation and commencement.

Article 2 makes a declaration as to the effect and content of the double taxation and international tax enforcement arrangements.

The arrangements will enter into force on the day of the exchange of the instruments of ratification. They will take effect from 1st January 2011.

The date of entry into force of the arrangements will, in due course, be published in the London, Edinburgh and BelfastGazettes.

In line with government commitments, a Tax Information and Impact Note has not been prepared for this Order as it gives effect to a previously announced policy to enact a double taxation agreement.

Footnotes

[^f00001]: 2011 c. 11, paragraph 67A was inserted by paragraph 11(2) of Schedule 34 to the Finance Act 2012 (c. 14).