§ Mr. Nigel EvansTo ask the Chancellor of the Exchequer what assessment he has made of the likely impact of the EU draft directive on taxation and savings on UK overseas territories. [83216]
§ Dawn PrimaroloThe EU draft directive on taxation of savings seeks to combat cross-border tax evasion on savings income by EU residents. The adoption of this Directive is conditional on the EU receiving sufficient reassurances that relevant dependent or associated territories will adopt the same measures. The impact of adopting such measures will depend on a range of factors, including the volume of underclared savings income that EU residents hold in these jurisdictions.
§ Mr. Nigel EvansTo ask the Chancellor of the Exchequer (1) which overseas territories will have to comply with the EU draft directive on taxation and savings; [83230]
(2) what reasons underlay the decision not to include Bermuda in the EU draft directive on taxation and savings. [83215]
§ Dawn PrimaroloThe dependent and associated territories listed in the conclusions of the European Council of Santa Maria da Feira in June 2000 are the Channel Islands, the Isle of Man and EU Member States' dependent or associated territories in the Caribbean. These were the dependent and associated territories, together with six named third countries, that EU Ministers decided sufficient reassurances should be obtained from before deciding on the adoption of the Directive. EU Ministers also agreed in the same conclusions that "exchange of information, on as wide a basis as possible, shall be the ultimate objective of the EU in line with international developments."