International Tax Agreements Amendment Act 2003 (123 of 2003)

Schedule 1   The 2003 United Kingdom convention

International Tax Agreements Act 1953

12   Sections 5 and 5A

Repeal the sections, substitute:

5 The 2003 United Kingdom convention

Subject to this Act, on and after the date of entry into force of the 2003 United Kingdom convention, the provisions of the convention, so far as those provisions affect Australian tax, have the force of law according to their tenor.

5A Previous United Kingdom agreements etc.

The provisions of:

(a) the 1946 United Kingdom agreement; and

(b) the 1967 United Kingdom agreement; and

(c) the 1967 United Kingdom agreement as amended by the 1980 Protocol to the 1967 United Kingdom agreement;

so far as those provisions affect Australian tax, continue to have the force of law for tax in respect of income in relation to which the agreements remain effective.

Note 1: Paragraph 3 of Article 29 of the 2003 United Kingdom convention preserves the operation of Article 16 of the 1967 United Kingdom agreement (which exempts from tax the income of visiting professors and teachers). This applies to individuals who are entitled to the exemption at the time when the 2003 United Kingdom convention enters into force. The exemption is preserved until the individual concerned would have ceased to be entitled to it under the 1967 United Kingdom agreement.

Note 2: Article 16 of the 1967 United Kingdom agreement is affected by Article I of the 1980 Protocol to the 1967 United Kingdom agreement.