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1.Each of the Contracting States shall notify the other through diplomatic channels of the completion of the procedures required by its law for the bringing into force of this Convention.
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2.The Convention shall enter into force on the date of the later of these notifications and shall thereupon have effect:
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a) in Norway:
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(i) in respect of taxes on income relating to the calendar year (including accounting periods beginning in any such year) next following that in which the Convention enters into force and subsequent years;
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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 6th April next following the date on which this Convention enters into force;
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(ii) in respect of corporation tax, for any financial year beginning on or after 1st April next following the date on which this Convention enters into force.
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3.The Convention between the Government of Kingdom of Norway and the Government of the United Kingdom of Great Britain and Northern Ireland for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and Capital signed at London on 12 October 2000 (“the prior Convention”), shall cease to have effect in respect of any tax with effect from the date upon which this Convention has effect in respect of that tax in accordance with the provisions of paragraph 2 of this Article and shall terminate on the last such date.
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4.Notwithstanding the provisions of paragraphs 2 and 3 and the provisions of Article 17, where, immediately before the entry into force of this Convention, an individual was in receipt of payments falling within Article 18 of the prior Convention, that individual may make an irrevocable election that the provisions of that Article, and not the provisions of Article 17 of this Convention, shall continue to apply to those payments. That election shall have effect for the year in which it is made and for subsequent years.
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5.For the purposes of paragraph 5 of Article 27, no issue may be submitted to arbitration earlier than a date three years from the entry into force of this Convention.