Double Taxation Treaty to be Signed This Week

Posted by accountingweb on Jul 24 2001 110 printer friendly

The United States and the United Kingdom are to sign a double taxation treaty Tuesday that could have far-reaching consequences for British businesses.

The U.K.'s Gordon Brown, Chancellor of the Exchequer, and his American counterpart, Paul O'Neill, Secretary of the Treasury, will seal three years of negotiations with a treaty introducing new exemptions on investment income, pensions, and capital gains, The Times has revealed.

British businesses with employees in the U.S., and U.K. residents who are earning in the United States, stand to benefit. Under the new rules, the risk of paying tax to American or British authorities will be reduced.

Certain withholding taxes on investment income will be removed, and capital gains will be explicitly exempt from double taxation.

Mr. O'Neill will sign the treaty as part of a European tour of finance ministers.

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