Exchange of information and the draft Directive on Taxation of Savings. A paper by the United Kingdom

The Helsinki European Council on 10-11.12.99 called for further work on the taxation of savings income in the EU based on the principle that: 'All citizens resident in a Member State of the European Union should pay the tax due on all their savings income.'

This paper builds on the UK's paper of September 1999 on International Bonds and the draft Directive on Taxation of Savings. It sets the context for an approach based on exchange of information, consistent with the Helsinki conclusions.