EU residents bring in £9m tax

Friday 7th August 2009, 3:00PM BST.

Treasury Minister Philip Ozouf

European Union residents with savings in Jersey contributed nearly £9 million to the States budget last year.

The Comptroller of Income Tax is entitled to cream off 25% of the taxes collected on behalf of EU countries from EU residents who have savings accounts in Jersey but who prefer not to divulge their details to their home tax authorities.

In all, Jersey paying agents retained a total of £35.62 million of tax from the interest on those savings, in accordance with the EU savings tax directive.

Two-thirds of the total came from UK savers and French and Spanish savers together accounted for 13% of the whole.

Treasury Minister Philip Ozouf said: ‘This shows that Jersey continues to honour the commitments that it entered into voluntarily in the agreements with member states. This co-operation will continue in the future.’

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1
Pip Clement

August 7, 2009 at 4:47 pm

European residents with savings in Jersey contribute more in tax than the 1(1)K’s, who manage about £8M between them!

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2
A

August 8, 2009 at 9:49 pm

No mention in the report that the same savers will be paying 35% tax from 2011 and with better rates of interest in the UK wonder why on earth would they put it here when there money is not even covered by the Government !!!!

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3
Quentin Smythe

August 10, 2009 at 11:25 pm

The Comptroller of Income Tax is entitled to cream off 25% of the taxes collected on behalf of EU countries from EU residents who have savings accounts in Jersey but who prefer not to divulge their details to their home tax authorities.

And Jersey thinks this is OK because it represents the gains from some agreement which obfuscates the real truth.

Oh dear what a tangled web we weave here!

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