E6.439 Special Withholding Tax—Introduction

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Commentary

Personal and employment tax

E6.439 Special withholding tax—introduction

Special withholding tax may have been deducted on certain foreign interest payments arising between 1 July 2005 and 31 December 2015 under the EU Savings Directive. This article remains relevant as individuals taxed on the remittance basis may remit income to the UK that has suffered special withholding tax.

For relevance of special withholding tax to a current year see E6.440.

EU Savings Directive—background

The EU Savings Directive was an anti-avoidance measure which was repealed on 10 November 2015, See A6.1205. The scheme mainly affected banks, registrars, custodians and other financial institutions that made interest payments to individuals. It included provisions for automatic disclosure of information on savings income. Such provisions have been overtaken by more widespread international sharing of information, see E6.455.

The UK legislation

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