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Taxation Of Savings Directive

Volume 406: debated on Thursday 12 June 2003

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To ask the Chancellor of the Exchequer whether it is his Department's policy to accept the ruling of the President of the Court of First Instance of the European Communities that UK Overseas Territories are under no legal requirement to implement the EU Savings Tax Directive. [118517]

I refer the hon. Gentleman to my reply to the hon. Member for Romford (Mr. Rosindell), 10 June 2003, Official Report, column 748W.

To ask the Chancellor of the Exchequer if he will make a statement on the constitutional arrangements governing the relationship between the UK and UK overseas territories with regard to financial policy. [118518]

I refer the hon. Gentleman to my reply to the hon. Member for Romford (Mr. Rosindell) on 3 June 2003, Official Report, column 196W.

To ask the Chancellor of the Exchequer whether it is his policy that overseas and dependent territories will make the final decision on their implementation of EU Savings Tax Directive. [118519]

The purpose of the EU Taxation of Savings Directive is to ensure that UK and other EU residents pay the tax due on all their savings income. All of the relevant associated and dependent territories, apart from the Cayman Islands, have made commitments that they will apply the same measures as in the Directive. The UK will do its utmost, within the framework of its constitutional arrangements, to ensure that appropriate measures in respect of all the relevant dependent or associated territories are in place in time for the Directive to come into effect from 1 January 2005.