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HMRC internal manual

Double Taxation Relief Manual

Falkland Islands: Tax spared

The 1997 agreement provides for credit to be given in respect of tax ‘spared’ (see INTM161270 - 161290) in the Falkland Islands under the particular provisions of Falkland Islands law set out in Article 24(4). Relief is, however, not to be allowed for tax spared in respect of profits which arise or accrue after 18 December 2007 or where the profits arise in a period beginning more than ten years after relief was first granted in respect of that source, whether that period began before or after 18 December 1997 (see Article 24(5)). Amounts of tax spared for which credit relief is given should be reported in accordance with INTM161290.