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Savings Income Reporting Guidance Notes
Volume eight of the Savings Income Reporting Guidance Notes has been updated online.
The notes, which accompany the Government’s legalisation implementing European Directive 2003/48/EC on taxation of savings in the form of interest payments, are designed to combat tax evasion by individuals on cross-border savings income.
The information will be collected in relation to the payment savings income to residents in certain other countries (including Gibraltar) and exchanged automatically with the tax authorities within those particular countries.
HMRC point out that the volume includes a small number of corrections to both cross-references and contact details.
