European Union Savings Directive Announcement

The Isle of Man Government has announced that from 1^st July 2011 it will move to automatic exchange of information in the application of the European Union Savings Directive (EUSD).

The Isle of Man will be the first offshore territory to adopt this legislation, leading the way in international tax co-operation and transparency.

The new tax policy means that the withholding tax option currently available to customers within the EU will be withdrawn. All EU residents who hold a bank account in the Isle of Man and are subject to the EUSD will no longer be able to choose the withholding tax option from the above date.

Under the exchange of information agreement banks in the Isle of Man are required to provide individual account holder details and related interest amounts paid onto the Isle of Man tax authority, who in turn pass these details onto the relevant tax authority in your Country of residence.

If you are resident in one of the Countries listed below you will be affected by these changes, unless you have already opted for the exchange of information option:

For further information regarding the new tax policy, please refer to the Treasury department on the Isle of Man Government website at www.gov.im