(1) The taxation authorities of the United Kingdom and Grenada
shall exchange such information (being information available under
their respective taxation laws) as is necessary for carrying out
the provisions of this Arrangement or for the prevention of fraud
or the administration of statutory provisions against legal
avoidance in relation to the taxes which are the subject of this
Arrangement. Any information so exchanged shall be treated as
secret and shall not be disclosed to any persons other than those
concerned with the assessment and collection of the taxes which are
the subject of this Arrangement. No information shall be exchanged
which would disclose any trade secret or trade process.
(2) As used in this paragraph, the term `taxation
authorities` means the Commissioners of Inland Revenue or their
authorised representative in the case of the United Kingdom and the
Commissioner of Income Tax or his authorised representative in the
case of Grenada.
