EU savings rules

Posted on 12 Sep 2018
Share Blog Post

The EU Savings Tax Directive was formally adopted by member states on 24 March 2014, following a European Council agreement reached on 20 March say Harris & Co accountants Northampton

The directive requires the member states to exchange information automatically so as to enable interest payments made in one member state to residents of other member states to be taxed in accordance with the laws of the state of tax residence. It will enable member states to better clamp down on tax fraud and tax evasion.

The scope of the directive covers savings income and products that generate interest or equivalent income. It includes life insurance contracts, as well as a broader coverage of investment funds.

The revised directive will be part of the EU"s legislative structure for implementing the new global standard on automatic exchange of information.

The European Council, in December 2013, called for the amending directive to be adopted by March 2014. Member states will have until 1 January 2016 to adopt the national legislation necessary to comply with the directive.

View more blog posts

Two tier tax system introduced
Posted on 07 May 2025
Two tier tax system introduced
read more
Lending gap stifles UK SME's
Posted on 30 Apr 2025
Lending gap stifles UK SME's
read more
Costly tax compliance
Posted on 23 Apr 2025
Costly tax compliance
read more
SME owners flee UK in droves
Posted on 16 Apr 2025
SME owners flee UK in droves
read more
Back To Top
01604 660661