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As a result of Croatia entering into the European Union today, annual EU savings directive reports made by UK financial institutions to HMRC must include payments made to Croatian individuals after 1 July. The Revenue will issue reminders to organisations that currently make such returns.
As a result of Croatia entering into the European Union today, annual EU savings directive reports made by UK financial institutions to HMRC must include payments made to Croatian individuals after 1 July. The Revenue will issue reminders to organisations that currently make such returns.
Financial institutions must notify HMRC by 19 April in any year for they need to submit a return but did not need to send one for the previous year. The first return for which details for Croatian residents will have to be included will be that for 2013/14. Croatian residents who complete a return need only include details of payments made on or after 1 July 2013.
Notification of having to make a first EU savings directive return for 2013/14 must be sent to the taxman by 19 April 2014.
More details can be found in Revenue & Customs Brief 12/13 and HMRC’s saving income reporting guidance notes.
Revised guidance notes will be available soon on HMRC’s website and will include an updated list of countries to include on an EU savings directive return.
