Taxes Consolidation Act 1997 section 898K

Special arrangements for certain securities

Section 898K provided transitional grandfathering relief for certain securities issued under programmes before specified dates, exempting them from the interest reporting requirements of the EU Savings Directive.

• Securities issued before 1 March 2001, or whose prospectus was approved before that date, were exempt from the interest reporting rules in section 898E.
• The exemption was lost for government and certain other programme securities if any further security was issued under the same programme on or after 1 March 2002, and for all other programme securities issued on or after that date.
• The entire section ceased to apply from 31 December 2011, reflecting the winding down of the original EU Savings Directive framework.
• The EU Savings Directive itself was repealed with effect from 1 January 2016 and replaced by the mandatory automatic exchange of information regime under Directive 2014/107/EU (see section 891G).