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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.

Action required:

  • Identify if you need to make an EU Savings Directive (EUSD) return
  • If so, consult the Saving Income Reporting Guidance Notes (link below)
  • 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.

Type 17 and 18 reports of interest and EUSD

Or by phone from Nick Wright on 0161 475 8577.

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Crown Copyright 2013.

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Article Published/Sorted/Amended on Scopulus 2013-06-27 10:14:35 in Tax Articles

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