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About the EU Savings Directive (EUSD)

​Introduction to​ the EU Savings Directive (EUSD)

We have agreements with all European Union (EU) countries that allow us to send and receive information about people’s savings income (eg bank interest). 

It’s known as the EU Savings Directive (EUSD) and it’s been running since 2005.​

EUSD information for Jersey residents

​If you live in Jersey and you have a bank account in an EU country, eg the UK or France, the interest you earn is automatically reported to us.

We can check the information to see if you have made a correct declaration in your Jersey tax return.​

EUSD information for people living in the EU​​

If you live in the EU and have a bank account in Jersey, you must disclose details of the account and report any income to the tax authorities where you live.

The retention tax option will stop in 2016, for interest earned in 2015. 

This means you will no longer have the option of having the 35% retention tax deducted from your interest income. All bank information from 1 January 2015 will be automatically shared with EU countries.

There is further information on the page below.

Moving to automatic exchange of information​

Retention tax rat​es

The rates of retention tax were​​:

  • 15% from 1 July 2005
  • 20% from 1 July 2008
  • 35% from 1 July 2011

We kept 25% of the retention tax and sent the rest to the EU countries.

For details of how much retention tax we have kept, and how much we have sent to EU countries, see our retention tax tables.​​

2014 retention tax payments made to the EU member states​

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