Article 24 was substituted by SI 1985/1997 and Article 24 (2)
was then substituted by SI 1996/3166. The current Article 24 is as
follows:
(1) Capital represented by immovable property, as defined in
paragraph (2) of Article 7, owned by a resident of a Contracting
State and situated in the other Contracting State, may be taxed in
that other State.
(2) Capital represented by:
(a) shares or other corporate rights, other than shares quoted on an approved Stock Exchange, deriving more than half of their value directly or indirectly from immovable property situated in a Contracting State, or
(b) an interest in partnership or trust the assets of which derive more than half of their value from immovable property situated in a Contracting State, or from shares or other corporate rights referred to in sub-paragraph (a) above,
may be taxed in that State.
(3) Capital represented by movable property forming part of the
business property of a permanent establishment which an enterprise
of a Contracting State has in the other Contracting State or by
movable property pertaining to a fixed base available to a resident
of a Contracting State in the other Contracting State for the
purpose of performing independent personal services, may be taxed
in that other State.
(4) Notwithstanding the provisions of paragraph (3) of this
Article, capital represented by ships or aircraft operated in
international traffic and by movable property pertaining to the
operation of such ships or aircraft shall be taxable only in the
Contracting State of which the operator is a resident.
(5) All other elements of capital of a resident of a
Contracting State shall be taxable only in that State.
