A&L set to inform its clients of tax directive

Alliance & Leicester International in the Isle of Man is preparing to write to customers informing them how the EU Savings Tax Directive will affect customers who are resident in the EU. Simon Hull, managing director, said the international insurer will now arrange for the necessary systems and processes to be put in place to make the transition to the new ruling as smooth as possible. The Isle of Man announced it has opted to co-operate with the EU by introducing a withholding tax on EU residents' savings, as an interim measure before transition to automatic exchange of information.