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EU Savings Directive – What is it and how does it affect me?
The European Union Savings Directive (EUSD) came into effect on 1st July 2005 and is an agreement between the Member States of the European Union (EU) to either exchange information about customers who earn savings income in one EU Member State but live in another or deduct a withholding tax from any bank or savings interest. Some jurisdictions that are not part of the EU have voluntarily put into place the same or equivalent measures. These include Switzerland, Jersey, Guernsey, Gibraltar and the Isle of Man.
Currently the rate of withholding tax is 20% but this will rise to 35% by 2011. This is only for member States and other territories which have this option available. Most member States apply an automatic exchange of information so you should find out if this affects you as soon as possible.
Are there any Solutions Available?
Thankfully there are some straightforward methods of reducing or entirely removing the EUSD so contact us today to find out how we can help.
You may find it helpful to complete our Online EU Savings Directive – Does this affect me Analysis by clicking on the link below. This is designed to give you some quick feedback on where the EUSD may be affecting you now and how you can reduce or remove it.
Click here to go to our Online EU Savings Directive Does this affect me Analysis
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1. No need to buy an Annuity
2. Income paid gross
3. No tax charge on passing assets to Beneficiaries.
more than the surrender value paid by the bank or insurance company who sold you the policy.
Perhaps you need access to cash or would like to look at more suitable investment options.
How does this affect me?
How good advice can reduce or remove this.
