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Taxation: British Overseas Territories

Volume 497: debated on Wednesday 14 October 2009

To ask the Chancellor of the Exchequer how much the Exchequer received in taxation from UK overseas territories in the latest period for which figures are available. (292518)

Taxation is a devolved competence in the UK overseas territories under the terms of their constitutions and UK tax legislation does not apply to them. Exceptionally, however, three overseas territories apply a withholding tax on income from savings of UK residents under the terms of an agreement with the UK providing for measures equivalent to the European Savings Directive.

The amounts paid to the United Kingdom by those overseas territories in relation to these withholding taxes for the most recent year available are shown in the following table.

Special Withholding Tax Received by the United Kingdom by virtue of European Savings Directive or equivalent agreements: Overseas Territory period ending in UK Tax year 2008-09, tax received in 2009 (as at September 2009)

Amount of withholding tax

UK Overseas territories

Year end

Approx. £ equivalent

British Virgin Islands

31 December 2008



30 June 2008


Turks and Caicos Islands

30 September 2008