Explanatory note

The Exchange of Notes scheduled to this Order makes certain alterations to the Convention set out in the Schedule to the Double Taxation Relief (Taxes on Income) (Spain) Order 1976.

The Exchange of Notes amends Article 6, Article 13 and Article 23 of the Convention to provide that for the purposes of income or capital gains from time-share rights not exceeding four weeks in any calendar year derived by a resident of a Contracting State, and capital represented thereby owned by a resident of a Contracting State, shall be taxable only in that State.

The Exchange of Notes will enter into force on the thirtieth day following the date of receipt of the latter of the notifications by each Government of the completion of their respective requirements for entry into force. Thereafter it has effect in respect of taxes relating to any tax year beginning on or after 1st January 1992. The date of entry into force will be published in the London, Edinburgh and Belfast Gazettes.