Agreement reached on UK pension and retirement arrangements

The agreement falls under paragraph 3(b) of Article 10 (Dividends) of the Convention between the US, UK and Northern Ireland. According to the Inland Revenue, the treaty aims to eliminate the double taxation of income or gains arising in one country and paid to residents of another country, which can be done by dividing the taxing rights that each treaty partner has under its domestic law over the same income and gains. They also provide further protection for taxpayers by tackling discrimination in tax treatment. On a more general level, the agreement will benefit the taxpayer by e...