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Information and public services for the Island of Jersey

L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

2011 retention tax payments made to the EU Member States

​A total of £4.6 million has been sent to EU Member States in retention tax for the year 2011. Retention tax is applied by Jersey paying agents and passed to the Comptroller of Taxes in accordance with agreements entered into with each of the 27 EU Member States on the taxation of eligible savings income that individuals resident in the Member States are receiving from the Island.

Under the terms of the agreements, 75% of the tax retained (£4.6 million) is sent to the individual Member States and the remaining 25% (£1.5 million) is retained by the Treasury.  The amount of tax retained in 2011 is 15% higher than in 2010 when £4 million was sent to the Member States and £1.3 million was retained by the Treasury. The increase reflects the fact that for the second half of 2011 a higher rate of retention tax applied

EU Savings Directive retention tax distribution list

Year 2011 (distributed June 2012)
GBP EUR USD CHF Sterling total
Austria 2011 27,654 0 347  0 27,876
Belgium 2011 102,604  1,280  638  0 104,017 
Bulgaria 2011 2,885  1,495  0 3,841 
Cyprus 2011 55,842  12,191  0 63,636
Czech Republic 2011 7,721  30  0 7,740 
Germany 2011 133,249  6,660 5,533  0 142,013
Denmark 2011 18,644 704  2,753  0 20,957 
Estonia 2011 199  0 0 0 199 
Spain 2011 293,887  21,362 34,606  0 332,773 
Finland 2011 8,542  31  0 8,568 
France 2011 322,763  15,632  105,412  0 402,425 
Great Britain 2011 2,586,811 38,221  139,487  2,705,983
Greece 2011 113,850  6,847  58,504  156,628 
Hungary 2011 13,461 171 23  0 13,609
Ireland 2011 137,397  9,692  12,076  0 152,722 
Italy 2011 138,858 1,394  5,176  0 143,261
Lithuania 2011 2,322  72  0 2,368 
Luxembourg 2011 11,867  86  0 11,935 
Latvia 2011 1,596  16  0 1,606 
Malta 2011 57,775  865  3,029  0 60,390 
Netherlands 2011 47,885  14,061  2,169  0 60,305
Poland 2011 14,308  3,975  152 0 17,524 
Portugal 2011 88,236  1,992  2,851  0 91,621
Romania 2011 4,127  16  0 4,137 
Sweden 2011 51,402  5,704 4,797  0 58,945 
Slovenia 2011 765  0 0 0 765 
Slovak Republic 2011 1,705  94  0 1,772 
Total 4,246,355  128,664  391,498  4,597,616

Supplementary information

1. When the EU member states implemented, with effect from 1 July 2005, a directive on the taxation of savings income, Jersey, in common with a number of other dependent or associated territories of the member states and five European third countries (Andorra, Liechtenstein, Monaco, San Marino and Switzerland) agreed to support the European Union by applying a withholding / retention tax to savings income arising in the Island, the beneficial owner of which is an individual who resides in a Member State. Within the EU, Austria and Luxembourg are also applying a withholding tax. The remaining 25 Member States of the European Union are automatically exchanging information on savings income.

2. The States of Jersey enacted the Taxation (Agreements with European Union Member States) (Jersey) Regulations 2005. Under these regulations, the Comptroller of Taxes is appointed as the Competent Authority for the collection of the tax and its remittance to the relevant Member States.

3. The regulations provide that tax retained in respect of each year be transferred to the relevant Member State within 6 months of the end of the tax year. For the first 3 years (July 2005 – July 2008) retention tax was at the rate of 15%; for the following 3 years (July 2008 – July 2011) the rate was 20%; and thereafter the rate has been set at 35%.

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