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HMRC internal manual

Double Taxation Relief Manual

From
HM Revenue & Customs
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DT: Jamaica: double taxation agreement, Article 20: Capital gains

  1. Capital gains from the alienation of immovable property, as defined in paragraph (2) of Article 12 may be taxed in the territory in which such property is situated.

  2. Capital gains from the alienation of movable property forming part of the business property of a permanent establishment which an enterprise of one of the territories has in the other territory, including such gains from the alienation of such a permanent establishment alone or together with the whole enterprise, may be taxed in the other territory.

  3. Notwithstanding the provisions of paragraph (1) of this Article, capital gains derived by a resident of one of the territories from the alienation of ships and aircraft operated in international traffic and of movable property pertaining to the operation of such ships and aircraft shall be taxable only in that territory.

  4. Capital gains from the alienation of any property other than those mentioned in paragraphs (1) and (2) of this Article which are subject to tax in the territory of which the alienator is a resident shall be taxable only in that territory.

  5. The provisions of paragraph (4) of this Article shall not affect the right of one of the territories to levy according to its own law a tax on capital gains from the alienation of any property derived by an individual who is a resident of the other territory and has been a resident of the first-mentioned territory at any time during the five years immediately preceding the alienation of the property.

  6. For the purposes of this Article the tax to which capital gains are subject includes the transfer tax mentioned in paragraph (1) of Article 1.