A total of £5.95 million in retention tax has been sent to EU member states. This is 75% of the total tax retained, the remaining 25% (£1.98 million) is retained by the Treasury under the terms of the agreements.
This is higher than in 2011 (£4.6 million sent to the member states and £1.5 million retained) due to the first full year effect of the increase in the retention tax rate from 20% to 35%.
EU Savings Directive retention tax distribution list
| Year 2012 (distributed June 2013) |
|---|
|
GBP |
EUR |
USD |
CHF |
Sterling total |
| Austria |
36,604 |
707 |
411 |
0 |
37,486 |
| Belgium |
103,039 |
1,139 |
1,275 |
0 |
104,859 |
| Bulgaria |
3,664 |
2 |
3 |
0 |
3,668 |
| Cyprus |
93,831 |
4,316 |
14,035 |
0 |
106,744 |
| Czech Republic |
12,284 |
369 |
1,174 |
0 |
13,371 |
| Germany |
160,293 |
20,009 |
18,734 |
0 |
189,878 |
| Denmark |
21,502 |
1,441 |
178 |
0 |
22,867 |
| Estonia |
275 |
0 |
0 |
0 |
275 |
| Spain |
441,721 |
23,022 |
27,927 |
0 |
479,926 |
| Finland |
10,575 |
8 |
1,046 |
0 |
11,266 |
| France |
433,160 |
17,204 |
69,871 |
0 |
493,732 |
| Great Britain |
3,209,134 |
55,878 |
260,771 |
0 |
3,427,979 |
| Greece |
198,614 |
20,764 |
52,064 |
0 |
250,635 |
| Hungary |
11,093 |
2,327 |
44 |
0 |
13,139 |
| Ireland |
175,093 |
8,137 |
15,612 |
0 |
192,347 |
| Italy |
206,206 |
5,619 |
7,884 |
0 |
216,228 |
| Lithuania |
1,030 |
0 |
272 |
0 |
1,208 |
| Luxembourg |
12,524 |
104 |
0 |
0 |
12,614 |
| Latvia |
2,544 |
0 |
13 |
0 |
2,553 |
| Malta |
79,639 |
1,026 |
6,564 |
0 |
84,818 |
| Netherlands |
84,517 |
14,655 |
2,394 |
0 |
98,785 |
| Poland |
18,628 |
10 |
114 |
0 |
18,712 |
| Portugal |
96,761 |
1,765 |
6,118 |
0 |
102,289 |
| Romania |
5,191 |
0 |
25 |
0 |
5,208 |
| Sweden |
53,812 |
1,024 |
2,809 |
0 |
56,535 |
| Slovenia |
919 |
92 |
7 |
0 |
1,003 |
| Slovak Republic |
982 |
0 |
0 |
0 |
982 |
| Total |
5,473,637 |
179,618 |
489,343 |
0 |
5,949,105 |
Supplementary information
- 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 member states of the European Union are automatically exchanging information on savings income.
- 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.
- 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%.
- The agreements with the EU member states provide for the individuals subject to the retention tax to opt for voluntary disclosure of information to the tax authorities of their member state of residence as an alternative to paying the tax. For the year 2012 those opting for voluntary disclosure accounted for some 80% of the total interest payments covered by the agreements.
Archived retention tax payments made to the EU Member States
2011 retention tax payments made to the EU Member States
2010 retention tax payments made to the EU Member States
2009 retention tax payments made to the EU Member States
2008 retention tax payments made to the EU Member States
2007 retention tax payments made to the EU Member States
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