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- 1. Each of the Contracting Parties shall notify the other in writing of the completion of the procedures required by its law for the bringing into force of this Agreement. This Agreement shall enter into force on the date of the later of these notifications.
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- 2. The provisions of this Agreement shall thereupon have effect:
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- (a) in the Hong Kong Special Administrative Region:
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- in respect of Hong Kong Special Administrative Region tax, for any year of assessment beginning on or after 1 April in the calendar year next following that in which this Agreement enters into force;
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- (b) in the United Kingdom:
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- (i) in respect of income tax and capital gains tax, for any year of assessment beginning on or after 6 April in the calendar year next following that in which this Agreement enters into force;
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- (ii) in respect of corporation tax, for any financial year beginning on or after 1 April in the calendar year next following that in which this Agreement enters into force.
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- 3. The Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the Hong Kong Special Administrative Region of the People’s Republic of China for the Avoidance of Double Taxation on Revenues arising from the Business of Shipping Transport signed in Hong Kong on the 25 October 2000 shall be terminated and cease to have effect in respect of any tax with effect from the date upon which this Agreement shall have effect in respect of that tax in accordance with the provisions of paragraph 2.