On 22 March 2018 Cyprus and the United Kingdom signed a revised double taxation agreement, based on the OECD Model Convention. When it enters into force it will replace the current agreement, which dates back to the mid-1970s, and introduce modern-day standards on exchange of tax information and base erosion and profit shifting.
The new agreement will enter into force once both countries have completed their respective domestic ratification procedures. It will take effect in Cyprus from the beginning of the following calendar year. In the United Kingdom it will take effect from the same date in respect of taxes withheld at source. In respect of corporation tax it will take effect from the 1 April following its entry into force and in respect of income tax and capital gains tax it will take effect from the 6 April following its entry into force.
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