FROM THE OFFICE OF PUBLIC AFFAIRS

The Treasury Department announces that a Protocol to the Income Tax Convention between the United States and the United Kingdom was signed at the State Department on July 19, 2002.

The Protocol amends the income tax treaty signed last year between the United States and the United Kingdom. The Protocol provides technical clarification of certain provisions of the proposed treaty and reinstates the article of the existing income tax treaty that provides benefits to teachers participating in cross-border exchange programs.

Following completion of ratification procedures in both countries, the proposed Convention, as amended by the Protocol, will replace the existing tax treaty between the United States and the United Kingdom, which has been in effect since 1980. In the United States, the proposed Convention and Protocol are subject to the Senate’s advice and consent to ratification.