On 13 July 2016, UK HM Treasury issued the orders ratifying the amending arrangements to the 1952 tax arrangement with Guernsey, 1955 tax arrangement with the Isle of Man and the 1952 tax arrangement with Jersey. The amending arrangements amend the respective tax arrangements in a way that clearly allocates the primary taxing right over profits from immovable property to the territory in which the property is situated. The respective arrangements will enter into force once the ratification instruments are exchanged, and will apply retroactively from 16 March 2016.