FST provides update on MLI ratification

During a Delegated Legislation Committee debate Mel Stride the financial secretary to the Treasury confirmed that HMRC will prepare consolidated versions of the UK’s double tax treaties to incorporate changes introduced by the OECD’s multilateral instrument (MLI) and intends where possible to agree the changes with treaty partners in advance of any amendments coming into force. The announcement came during the consideration of three draft orders to give effect to the MLI and the protocols to the UK’s tax treaties with Switzerland and Uzbekistan.

 

The UK signed the MLI in June 2017 and introduced legislation in FA 2018 to implement it fully into UK law. A draft order giving effect to the BEPS Multilateral Convention in UK legislation was published on 28 March 2018 and it is expected that the UK will complete its ratification by summer 2018. The...