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* The European Savings Directive.  COMING NOW



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Have you done anything yet about the Directive that comes into force from 1 July?  
This may affect your savings held in accounts not only in EU countries but also in 
many established tax havens.  

Some countries are offering you the choice to opt for either:

  *  Deduction of tax at 15% from interest due to you.  In this case 
     information will not be passed to the tax authorities in your 
     country of residence. Tax deducted will increase over time. 

  *  Information about your savings being passed to the tax authorities 
     in your country of residence. In this case tax will not be deducted 
     at source.

Other countries may be making the choice for you.  

Where you have the choice, you should by now have received forms from your savings 
institutions.  If you do not complete and return such a form by 1 July your bank will 
probably, by default, deduct tax.

The information required of you, if you opt for ‘exchange of information’, is not 
onerous, but does appear to vary.

If you are EU resident, this may include:

* Account Number with the Bank or Building Society. 
* Confirmation of your address. 
* Yours signature to a declaration that you are willing for information 
  to be passed to the tax authorities in your country of residence.
* Your Tax Identification Number (TIN) where this exists. 
WARNING!  You may still get caught up in the process even if you are not EU resident.  

Different jurisdictions seem to be requiring different information from 
such non-EU residents

 * A tax residence certificate from your country of residence 
 * A statement from your financial adviser 
 * A copy of a recent tax return 


Some banks are allowing you to postpone your receipt of interest 
payments until a more tax effective time; this may be useful if 
you are planning a move to a lower taxed country.

You may also be able to get a tax exemption certificate or some other 
documentation to prove that you are not liable to tax in your country of 


Please do share your experiences and problems of the European Savings Directive, with thousands 
of other savers –  by sending your email to  – please let us know if you 
don't want your name published.

Don’t forget that more information on the Savings Directive is 
available on the website at