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(1) Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other State.
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(2) Gains derived by a resident of a Contracting State from the alienation of shares and similar rights in a company, the assets of which derive at least 75 per cent of their value directly or indirectly from immovable property situated in the other Contracting State may be taxed in that other State. This shall not apply to shares traded on a recognised Stock Exchange.
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(3) Gains from the alienation of movable property forming part of the business property of a permanent establishment which an enterprise of a Contracting State has in the other Con- tracting State or of movable property pertaining to a fixed base available to a resident of a Contracting State in the other Con- tracting State for the purpose of performing independent per- sonal services, including such gains from the alienation of such a permanent establishment (alone or with the whole enterprise) or of such fixed base, may be taxed in that other State.
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(4) Gains from the alienation of ships or aircraft operated in international traffic, or movable property pertaining to the operation of such ships or aircraft, shall be taxable only in the Contracting State in which the place of effective management of the enterprise is situated.
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(5) Gains from the alienation of any property other than that referred to in paragraphs 1 to 4 above shall be taxable only in the Contracting State of which the alienator is a resident.
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(6) Where an individual was a resident of a Contracting State for a period of 5 years or more and has become a resident of the other Contracting State, paragraph 5 above shall not prevent the first-mentioned State from taxing under its domestic law the capital appreciation of shares in a company resident in the first- mentioned State for the period of residency of that individual in the first-mentioned State. Where the first-mentioned Contract- ing State has taxed the appreciation of capital pursuant to the first sentence, this appreciation of capital shall not be included in the determination of the subsequent appreciation of capital by the other Contracting State.