To ask the Chancellor of the Exchequer if he will make a statement on the ruling of the President of the Court of the First Instance of the European Communities that the imposition of the EU Savings Tax Directive on Britain's Overseas Territories is not a legal requirement that flows from the Directive itself. [115317]

The EU Taxation of Savings Directive is directly applicable to the member states of the European Union. It is not directly applicable to the dependent and associated territories named in the Feira agreement. However, the Directive will not come into effect until arrangements are in place with such territories to apply the same measures as in the Directive.