HM Revenue and Customs Brief 12/13
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Issued: 25 June 2013
EU Savings Directive: Accession of Croatia
Who should read:
Financial institutions in the UK who make payments of savings
income to Croatian residents.
- Identify if you need to make an EU Savings Directive (EUSD)
- If so, consult the Saving Income Reporting Guidance Notes
- Include Croatian payments of savings income from 1 July
2013 on your EUSD return for 2013/14
- If your EUSD return for the year 2013/14 will be your
first EUSD return, you must notify HMRC by 19 April 2014.
Croatia joins the European Union on 1 July 2013. As a result,
UK Financial institutions may need to include from that time, in their
EUSD return Croatian payments of savings income in the form of interest.
HMRC will issue reminders to all the institutions that
currently make EUSD returns. However, this might not include all
institutions that will now need to make a return. Some institutions in
the UK may not previously have needed to make an EUSD return. Those
institutions must notify HMRC that they need to make an EUSD return.
Institutions that need to make an EUSD return for the first
time should consult the Saving Income Reporting Guidance Notes (Link
below). These contain full guidance on the information that
institutions need to collect and the timescales within which they must
notify HMRC and make their return. Institutions must notify HMRC by 19
April in any year where they need to send in an EUSD return but did not
need to send one in for the previous year. In this context, 'year'
means the tax year from 6 April in one year to 5 April in the next.
The first return which will need to contain details for
Croatian residents will be that for the year 6 April 2013 to 5 April
2014. For Croatian residents that return need only contain details of
payments made on or after 1 July 2013.
Notifications of a need to make a first EUSD return for the
year 2013/14 must be sent to HMRC by 19 April 2014.
Revised Guidance Notes will be available on the HMRC website
shortly. They will include an updated list of countries to include on
an EUSD return.
Further information on this subject can be obtained from the
internet by following the link below.
17 and 18 reports of interest and EUSD
Or by phone from Nick Wright on 0161 475 8577.
About the Author
© Crown Copyright 2013.
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Article Published/Sorted/Amended on Scopulus 2013-06-27 10:14:35 in Tax Articles