Following Exchange of Notes on 28 November 2011 the Double Taxation Convention between the UK and Hungary, which was in signed in Budapest on 7 September 2011, will enter into force on 28 December 2011. Follow the link below to view the text of the agreement on the legislation.gov website, or you can obtain a copy from The Stationery Office.
The Stationery Office (Opens new window)
Details of the debate by the Second Delegated Legislation Committee of the 1 November 2011 may be found in the House of Commons official report, following which the draft Order was approved by Parliament on 2 November 2011.
Read the House of Commons Official Report (Opens new window)
The provisions will take effect in both countries for taxes withheld at source from 1 January 2012.
In Hungary the provisions will take effect from 1 January 2012. In the United Kingdom the provisions will take effect from 1 April 2012 for Corporation Tax and 6 April 2012 for Income Tax and Capital Gains Tax (other than taxes withheld at source).
HM Revenue & Customs
November 2011
