Jersey Finance Produces Guide To EU Savings Tax Directive

by Jason Gorringe, Tax-News.com, London

01 October 2004

It emerged this week that Jersey Finance Limited, the finance industry's representative body in Jersey, in association with the Jersey Bankers Association has released an eight page guide to the EU Savings Tax Directive for international investors.

According to Jersey Finance, the Guide is designed to help clients of financial institutions based on the Island to understand whether they might be affected by the Directive and, if they are, what options they have.

In addition to providing answers to frequently asked questions on the topic, a number of technical terms are explained, including the definition for "savings income" and 'paying agent". Several possible case study scenarios are also outlined.

Speaking following the launch of the guide, Phil Austin, Chief Executive of Jersey Finance Limited explained that:

"We are aware of the considerable interest that exists in the implications of the EU Savings Directive, although for the majority of customers of Jersey-based institutions, there will be no impact whatsoever. However, with the help of the Jersey Bankers Association, we hope the Guide will answer most clients' questions and also reassure investors about its impact."

Recommended