Part Article 1 Taxes Covered
(1)
This Agreement shall apply to taxes on income and on capital.
(2)
The existing taxes to which this Agreement shall apply are in particular:
(a)
in the case of the United Kingdom:
(i)
the income tax;
(ii)
the corporation tax; and
(iii)
the capital gains tax;
(b)
in the case of the Hong Kong Special Administrative Region, profits tax.
(3)
This Agreement shall also apply to any identical or substantially similar taxes which are imposed by either Contracting Party after the date of signature of this Agreement in addition to, or in place of, the existing taxes. The competent authorities of the Contracting Parties shall notify each other of any substantial changes which have been made in their respective taxation laws.