September 9, 1986
To the Senate of the United States:
I transmit herewith, for Senate advice and consent to ratification, the Convention between the Government of the United States of America and the Government of the United Kingdom of Great Britain and Northern Ireland (on behalf of the Government of Bermuda) Relating to the Taxation of Insurance Enterprises and Mutual Assistance in Tax Matters, together with a related exchange of notes, signed at Washington on July 11, 1986. I also transmit the report of the Department of State on the Convention.
The Convention is the first tax treaty applicable to Bermuda to be negotiated between the United States and the United Kingdom. It is not a comprehensive income tax treaty; rather it is limited to two issues: the taxation of insurance enterprises and mutual assistance in tax matters. Nevertheless, the Convention should have a beneficial impact on our overall relationship with Bermuda.
I recommend that the Senate give early and favorable consideration to the Convention, together with the related exchange of notes, and give its advice and consent to ratification.
Ronald Reagan
The White House,
September 9, 1986.