UK dependencies threaten to suspend withholding tax

The UK Crown Dependencies could suspend levying a withholding tax on UK residents under the European Union Savings Tax Directive until Gibraltar signs a bilateral agreement with the UK. This follows the revelation that UK residents with savings in Gibraltar are currently not covered by the directive. The Crown Dependencies have argued this means that at present there is not a level playing field and, according to industry sources, they have asked the UK Government to clarify when it believes a bilateral agreement with Gibraltar is likely to be signed. The Crown Dependencies have suspens...