Jersey, IoM and Guernsey introduce withholding tax

In the latest installment of the European Union (EU) Savings Directive saga, Jersey and the Isle of Man will impose a withholding tax on EU residents' savings held within the islands' financial services institutions. This is the same decision reached by Guernsey two months ago, as an interim measure before automatic exchange of information is required by the EU in the years to come. Speculation has surrounded which avenue Jersey and the Isle of Man would take with regard to the EU Savings Tax Directive. Both islands had delayed their response to the last possible moment. There w...