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Additions cover PPI misselling interest only
HMRC have made significant additions to their list of fully reportable countries and territories when declaring interest paid in redress for payment protection insurance (PPI) misselling.
The update is intended to ensure full reporting of all payments with an element of interest compensated to residents of the featured countries.
The 39 additions cover PPI interest only. All other interest paid to residents of the latest fully reportable countries is already declarable using EU Savings Directive requirements.
Australia, Canada, Japan, New Zealand, Norway, South Korea, USA; and the UK dependencies of Anguilla, Bermuda, Cayman Islands, and Turks and Caicos Islands have been joined by Austria, Aruba, Belgium, Bonaire, St Eustatius and Saba, Bulgaria, British Virgin Islands, Croatia, Curaçao, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Guernsey, Hungary, Ireland, Isle of Man, Italy, Jersey, Latvia, Lithuania, Luxembourg, Malta, Montserrat, Netherlands, Netherlands Antilles, Poland, Portugal, Republic of Cyprus, Romania, Sint Maarten, Slovakia, Slovenia, Spain, and Sweden.
Further details are available from Revenue and Customs Brief 33/14.
