Earlier this month, the European Directive on the Taxation of Savings, was adopted by European finance ministers aimed at stamping out cross-border tax evasion.The Revenue document will look at details of the proposed scheme implementing the directive.
It will examine who will be affected by the directive and how it may work in practice.
Dawn Primarolo, paymaster general, said: ‘The scheme implementing the Directive, which the Inland Revenue begins consulting on today, builds on our existing reporting regime, and will help to ensure that people pay the right amount of tax at the right time.’
Businesses that will be affected include building societies, banks, registrars, custodians and nominees, authorised unit trusts, open-ended investment companies and anyone who makes savings income payments.
Such organisations and individuals will have to compile annual reports about individuals in question, including information about their identity and residence.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy