The European Union Savings Directive and its impact on UK investors

This page contains a number of documents to help the UK investor understand how they will be affected by the savings directive means. The paper 'issues for UK investors' will explain how you will be affected by exchange of information and by special withholding tax depending on the jurisdiction of the paying agent who pays money to you. It includes information about the legislation relating to special withholding tax in the Finance Act 2004.

You may also find the Frequently Asked Questions section of use for any more detailed queries.

Legislation has been included in Finance Act 2004 to enable UK investors to claim credit for tax withheld from their savings income under the Directive. Where tax withheld exceeds their liability to UK income or capital gains tax, they will be able to claim repayment of the excess.

The legislation also enables UK investors to apply for a certificate from HMRC to present to their paying agent so that tax is not withheld under the Directive. Guidance is now available on how to obtain one of these certificates.

If you believe you may be a paying agent you may wish to read the guidance notes that go into more detail over what a paying agent is and what their responsibilities are.

For more background on the Directive you may wish to look at some of the reference documents including the text of the directive and the Regulations.

If you have any queries about the Savings Directive please contact us

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