TaxAdministrationAnger as dependencies choose withholding tax

Anger as dependencies choose withholding tax

The Treasury is unhappy with the decision of three crown dependencies to impose withholding taxes on investors rather than opt for the immediate adoption of EU recommendations.

Link: Regulations out on cross-border tax evasion

Gordon Brown in particurlar has fought against the withholding tax option, which is available for a transitional period for some EU states and territories, before they adopt a policy of open exchange of information between tax authorities, set to begin in 2005.

Jersey, Guernsey and the Isle of Man have all chosen to impose withholding taxes on interest earned by non-domiciled account holders, joining Austria, Belgium and Luxembourg who have all secured similar concessions expected to last until 2010.

The FT quoted Dawn Primarolo as saying: ‘I would have preferred them (Jersey, Guernsey and the IoM) to move immediately to automatic information exchange.’

Related Articles

Paul Morton, Tax Director, Office of Tax Simplification

Administration Paul Morton, Tax Director, Office of Tax Simplification

4m Emma Smith, Managing Editor
LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

5m Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

6m Emma Smith, Managing Editor
HMRC issues updated Trusts Registration Service guidance

Administration HMRC issues updated Trusts Registration Service guidance

6m Emma Smith, Managing Editor
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

7m Emma Rawson, ATT Technical Officer
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

8m Austin Clark, Reporter
Are you ready for the Trusts Registration Service?

Administration Are you ready for the Trusts Registration Service?

8m Helen Thornley, ATT Technical Officer
Advisers bullish despite Brexit concerns

Accounting Standards Advisers bullish despite Brexit concerns

2y Fraser Simpson, Reporter