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EU Savings Directive

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EU Savings Directive

Post by Cestrian on Tue Dec 13, 2016 3:52 pm

Had a letter from my UK bank today, seems my savings account falls within the EU Savings Tax Directive income reporting obligations. I take it this means any interest paid to my account is subject to Spanish tax ? Also asking for a TIN, is this my NIE number ?

Les
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Cestrian

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Location : Huescar, Granada.

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Re: EU Savings Directive

Post by Lurchio on Thu Dec 15, 2016 10:54 am

Les, its the pressure from HMRC on UK banks to disclose stuff under tax avoidance and money laundering regulations under the directive. Again, the ordinary guy gets the stress whilst the bigger fish 'below the radar' duck and dive their way through it. Yep, the NIE and / or your Fiscal reference number, if you are tax residency in Spain.
Whether you pay tax in the UK and get relief in Spain is a matter for professional advice, there is a way but certainly no double tax treaty in respect of savings interest.
One thing I am happy to say is that your bank will only want to discharge their duty under the directive and officially inform HMRC of the situation.Its over to them then!

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