Taxes Consolidation Act 1997 section 898S

Cessation

Section 898S provides for the cessation of the EU Savings Directive provisions in Chapter 3A with effect from 1 January 2016, following the replacement of the Directive by the OECD Common Reporting Standard.

• The provisions of Chapter 3A (other than sections 898L, 898M and 898O) cease to have effect for interest payments made to or secured for a person on or after 1 January 2016.
• Cessation applies where the recipient is resident in an EU Member State or in a territory that has adopted the OECD Common Reporting Standard as a reportable jurisdiction under section 891F.
• The EU Savings Directive (2003/48/EC) was an anti-evasion measure replaced by Directive 2014/107/EU, which introduced mandatory automatic exchange of financial account information.
• Transitional timing differences applied: Liechtenstein and San Marino adopted the OECD Standard from 1 January 2016, while Andorra, Monaco and Switzerland did not adopt until 2017, meaning Chapter 3A continued to apply to those jurisdictions in the interim.