- Latest available (Revised)
- Point in Time (15/04/2014)
- Original (As adopted by EU)
Council Directive 2003/48/EC of 3 June 2003 on taxation of savings income in the form of interest payments (repealed)
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Version Superseded: 08/12/2015
EU Directives are published on this site to aid cross referencing from UK legislation. Since IP completion day (31 December 2020 11.00 p.m.) no amendments have been applied to this version.
Textual Amendments
Countries and jurisdictions | Categories of entities and legal arrangements |
---|---|
Antigua and Barbuda | International business company |
Anjouan (Comores) | Trust, governed by local or foreign law International business company |
The Bahamas | Trust, governed by local or foreign law Foundation International business company |
Bahrain | Financial trust, governed by local or foreign law |
Barbados | Trust, governed by local or foreign law International business company International Society with Restricted Liability |
Belize | Trust, governed by local or foreign law International business company |
Bermuda | Trust, governed by local or foreign law Exempt company |
Brunei | Trust, governed by local or foreign law International business company International trust International Limited Partnership |
Cook Islands | Trust, governed by local or foreign law International trust International company International partnership |
Costa Rica | Trust, governed by local or foreign law Company |
Djibouti | Exempt company Trust, governed by foreign law |
Dominica | Trust, governed by local or foreign law International business company |
Fiji | Trust, governed by local or foreign law |
French Polynesia | Société (Company) Société de personnes (Partnership) Société en participation (Joint venture) Trust, governed by foreign law |
Grenada | International business company Trust, governed by local or foreign law |
Guam | Company Sole proprietorship Partnership Trust, governed by foreign law |
Guatemala | Trust, governed by local or foreign law Fundación (Foundation) |
Hong Kong | Trust, governed by local or foreign law Private Limited Company |
Kiribati | Trust, governed by local or foreign law |
Labuan (Malaysia) | Offshore company Malaysian offshore bank, Offshore limited partnership Offshore trust |
Lebanon | Companies benefiting from the Offshore company regime Trust, governed by foreign law |
Liberia | Non-resident company Trust, governed by local or foreign law |
Macao | Trust, governed by local or foreign law Fundação (Foundation) |
Maldives | Company Partnership Trust, governed by foreign law |
Northern Marianas Islands | Foreign sales corporation Offshore banking corporation Trust, governed by foreign law |
Marshall Islands | Trust, governed by local or foreign law International business company |
Mauritius | Trust, governed by local or foreign law Global business company categories 1 and 2 |
Micronesia | Company Partnership Trust, governed by foreign law |
Nauru | Trust/nominee company Company Partnership Sole proprietorship Foreign will Foreign estate Other form of business negotiated with the Government |
New Caledonia | Société (Company) Société civile (Civil company) Société de personnes (Partnership) Joint venture Estate of deceased person Trust, governed by foreign law |
New Zealand | Trust, governed by foreign law |
Niue | Trust, governed by local or foreign law International business company |
Panama | Fideicomiso (Trust, governed by local law) and trust governed by foreign law Fundación de interés privado (Foundation) International business company |
Palau | Company Partnership Sole proprietorship Representative office Credit union (financial cooperative) Cooperative Trust, governed by foreign law |
Philippines | Trust, governed by local or foreign law |
Puerto Rico | Estate Trust, governed by local or foreign law International banking entity |
Saint Kitts and Nevis | Trust, governed by local or foreign law Foundation Exempt company Exempt Limited Partnership |
Saint Lucia | Trust, governed by local or foreign law International business company |
Saint Vincent and the Grenadine | Trust, governed by local or foreign law International business company |
Sao Tomé e Principe | International business company Trust, governed by foreign law |
Samoa | Trust, governed by local or foreign law International trust International company Offshore bank Offshore insurance company International partnership Limited partnership |
Seychelles | Trust, governed by local or foreign law International business company |
Singapore | Trust, governed by local or foreign law |
Solomon Islands | Company Partnership Trust, governed by local or foreign law |
South Africa | Trust, governed by local or foreign law |
Tonga | Trust, governed by local or foreign law |
Tuvalu | Trust, governed by local or foreign law Provident fund |
United Arab Emirates | Trust, governed by local or foreign law Offshore company |
State of Delaware (USA) | Limited Liability Company |
State of Wyoming (USA) | Limited Liability Company |
US Virgin Islands | Trust, governed by local or foreign law Exempt company |
Uruguay | Trust, governed by local or foreign law Sociedad Anónima Financiera de Inversión |
Vanuatu | Trust, governed by local or foreign law Exempt company International company |
Countries and jurisdictions | Categories of entities and legal arrangements |
---|---|
Andorra | Trust, governed by foreign law |
Anguilla | Trust, governed by local or foreign law International business company |
Aruba | Trust, governed by local or foreign law Stichting Particulier Fonds |
British Virgin Islands | Trust, governed by local or foreign law Company |
Cayman Islands | Trust, governed by local or foreign law Exempt company |
Guernsey | Trust, governed by local or foreign law Company Foundation |
Isle of Man | Trust, governed by local or foreign law Company |
Jersey | Trust, governed by local or foreign law Company Foundation |
Liechtenstein | Anstalt (Trust, governed by local law) and trust governed by foreign law Stiftung (Foundation) |
Monaco | Trust, governed by foreign law Fondation (Foundation) |
Montserrat | Trust, governed by local or foreign law International business company |
Netherlands Antilles | Trust, governed by local or foreign law Stichting Particulier Fonds |
San Marino | Trust, governed by local or foreign law Fondazione (Foundation) |
Switzerland | Trust, governed by foreign law Foundation |
Turks and Caicos | Exempted company Limited partnership Trust, governed by local or foreign law] |
a The United Kingdom is the Member State responsible for the external relations of Gibraltar, under the terms of Article 355(3) of the Treaty on the Functioning of the European Union.] | ||
Countries | Categories of entities and legal arrangements | Comments |
---|---|---|
All EU Member States | European Economic Interest Grouping (EEIG) | |
Belgium |
| Included only if the upstream economic operator making the interest payment to it, or securing the payment for it, has not established the identity and residence of all its beneficial owners, otherwise it falls within point (d) of Article 4(2). These ‘companies’ (the name of which is given in French and Dutch) do not have legal status, and from the point of view of taxation, a look-through approach is applicable. |
— ‘Trust’ or other similar legal arrangement, governed by foreign law | ||
Bulgaria |
| Entity exempt from corporate income tax |
— ‘Trust’ or other similar legal arrangement, governed by foreign law | Unless the trustee can prove that the trust is actually subject to Bulgarian income taxation | |
Czech Republic |
| |
Denmark |
| |
Germany |
| |
Estonia |
| |
Ireland | — Partnership and investment club | Irish resident trustee is generally taxable on income arising to the trust. However, where the beneficiary or trustee is a non-Irish resident, only Irish source income arising in such cases is taxable. |
Greece |
| Partnerships are subject to corporate income tax. However, up to 50 % of the profits of partnerships is taxed in the hands of the individual partners at their personal tax rate. |
— ‘Trust’ or other similar legal arrangement, governed by foreign law | ||
Spain |
| |
France |
| |
Italy | — All Civil law partnerships and assimilated entities | The category of Civil law partnerships includes: ‘ società in accomandita semplice ’, ‘ società semplici ’, associazioni (associations) among artists or professional persons for the practice of their art or profession, without legal personality ‘ società in nome collettivo ’, ‘ società di fatto ’ (irregular or ‘de facto’ partnerships) and ‘ società di armamento ’ |
— Companies with a limited number of shareholders opting for fiscal transparency | The ‘tax transparency’ regime may be adopted by limited liability companies or cooperative societies whose members are individuals (Article 116 of TUIR). | |
— ‘Trust’ or other similar legal arrangement, governed by foreign law | Unless the trustee can provide documentation proving that the trust is fiscally resident and subject to effective corporate taxation in Italy. | |
Cyprus |
| |
— Συνεργατικές (Cooperative) | Only transactions with members. | |
— ‘Trust’ or other similar legal arrangement, governed by local or foreign law | Trusts created under Cypriot jurisdiction are considered transparent entities under national law. | |
Latvia |
| |
Lithuania | — ‘Trust’ or other similar legal arrangement, governed by foreign law | |
Luxembourg | — ‘Trust’ or other similar legal arrangement, governed by foreign law | |
Hungary | — ‘Trust’ or other similar legal arrangement, governed by foreign law | Hungary recognises trusts as ‘entities’ under national rules |
Malta |
| Partnerships ‘en commandite’ the capital of which is divided into shares are subject to general CIT. |
The Netherlands |
| General partnerships, closed partnerships and EEIGs are transparent for tax purposes. |
| Verenigingen (Associations) and stichtingen (foundations) are tax exempt unless they carry on a trade or business. | |
— ‘Trust’ or other similar legal arrangement, governed by foreign law | ||
Austria |
| |
Poland |
| |
Portugal |
| |
— Companies licensed to operate on the International Business Centre of Madeira eligible for exemption from IRC (Article 33 of the EBF) | Article 33 of EBF, applicable to companies licensed until 31 December 2000 , provides for an exemption from corporate income tax until 31 December 2011 . | |
— Unincorporated associations | ||
— ‘Trust’ or other similar legal arrangement, governed by foreign law | The only trusts admitted under Portuguese law are those set up under foreign law by legal persons in the International Business Centre of Madeira. | |
Romania |
| |
Slovenia | — ‘Trust’ or other similar legal arrangement, governed by foreign law | |
Slovak Republic |
| |
Finland |
| |
Sweden |
| |
United Kingdom |
| General partnerships, limited partnerships; limited liability partnerships are transparent for tax purposes. |
— Investment club (where members are entitled to a specific share of assets) | ||
Gibraltar a | — ‘Trust’ or other similar legal arrangement, governed by local or foreign law | Trust income is exempt from tax under the Income Tax Rules 1992 if: (a) the trust is created by or on behalf of a non-resident person; and (b) the income,
This does not apply if the trust is created before 1 July 1983 and the terms of the trust expressly exclude residents of Gibraltar as beneficiaries. |
Textual Amendments
For the purposes of Article 15, the following entities will be considered to be a ‘related entity acting as a public authority or whose role is recognised by an international treaty’:
entities within the European Union:
Belgium | Vlaams Gewest (Flemish Region) Région wallonne (Walloon Region) Région bruxelloise/Brussels Gewest (Brussels Region) Communauté française (French Community) Vlaamse Gemeenschap (Flemish Community) Deutschsprachige Gemeinschaft (German-speaking Community) |
[F3Bulgaria | Общините (municipalities) Социалноосигурителни фондове (Social Security Funds)] |
Spain | Xunta de Galicia (Regional Executive of Galicia) Junta de Andalucía (Regional Executive of Andalusia) Junta de Extremadura (Regional Executive of Extremadura) Junta de Castilla-La Mancha (Regional Executive of Castilla-La Mancha) Junta de Castilla-León (Regional Executive of Castilla-León) Gobierno Foral de Navarra (Regional Government of Navarre) Govern de les Illes Balears (Government of the Balearic Islands) Generalitat de Catalunya (Autonomous Government of Catalonia) Generalitat de Valencia (Autonomous Government of Valencia) Diputación General de Aragón (Regional Council of Aragon) Gobierno de las Islas Canarias (Government of the Canary Islands) Gobierno de Murcia (Government of Murcia) Gobierno de Madrid (Government of Madrid) Gobierno de la Comunidad Autónoma del País Vasco/Euzkadi (Government of the Autonomous Community of the Basque Country) Diputación Foral de Guipúzcoa (Regional Council of Guipúzcoa) Diputación Foral de Vizcaya/Bizkaia (Regional Council of Vizcaya) Diputación Foral de Alava (Regional Council of Alava) Ayuntamiento de Madrid (City Council of Madrid) Ayuntamiento de Barcelona (City Council of Barcelona) Cabildo Insular de Gran Canaria (Island Council of Gran Canaria) Cabildo Insular de Tenerife (Island Council of Tenerife) Instituto de Crédito Oficial (Public Credit Institution) Instituto Catalán de Finanzas (Finance Institution of Catalonia) Instituto Valenciano de Finanzas (Finance Institution of Valencia) |
Greece | Οργανισμός Τηλεπικοινωνιών Ελλάδος (National Telecommunications Organisation) Οργανισμός Σιδηροδρόμων Ελλάδος (National Railways Organisation) Δημόσια Επιχείρηση Ηλεκτρισμού (Public Electricity Company) |
France | La Caisse d'amortissement de la dette sociale (CADES) (Social Debt Redemption Fund) L'Agence française de développement (AFD) (French Development Agency) Réseau Ferré de France (RFF) (French Rail Network) Caisse Nationale des Autoroutes (CNA) (National Motorways Fund) Assistance publique Hôpitaux de Paris (APHP) (Paris Hospitals Public Assistance) Charbonnages de France (CDF) (French Coal Board) Entreprise minière et chimique (EMC) (Mining and Chemicals Company) |
Italy | Regions Provinces Municipalities Cassa Depositi e Prestiti (Deposits and Loans Fund) |
[F4Latvia | Pašvaldības (local governments) |
Poland | gminy (communes) powiaty (districts) województwa (provinces) związki gmin (associations of communes) powiatów (association of districts) województw (association of provinces) miasto stołeczne Warszawa (capital city of Warsaw) Agencja Restrukturyzacji i Modernizacji Rolnictwa (Agency for Restructuring and Modernisationof Agriculture) Agencja Nieruchomości Rolnych (Agricultural Property Agency)] |
Portugal | Região Autónoma da Madeira (Autonomous Region of Madeira) Região Autónoma dos Açores (Autonomous Region of Azores) Municipalities |
[F3Romania | autoritățile administrației publice locale (local public administration authorities)] |
[F4Slovakia | mestá a obce (municipalities) Železnice Slovenskej republiky (Slovak Railway Company) Štátny fond cestného hospodárstva (State Road Management Fund) Slovenské elektrárne (Slovak Power Plants) Vodohospodárska výstavba (Water Economy Building Company)] |
international entities:
European Bank for Reconstruction and Development
European Investment Bank
Asian Development Bank
African Development Bank
World Bank/IBRD/IMF
International Finance Corporation
Inter-American Development Bank
Council of Europe Soc. Dev. Fund
Euratom
European Community
Corporación Andina de Fomento (CAF) (Andean Development Corporation)
Eurofima
European Coal & Steel Community
Nordic Investment Bank
Caribbean Development Bank
The provisions of Article 15 are without prejudice to any international obligations that Member States may have entered into with respect to the abovementioned international entities.
entities in third countries:
Those entities that meet the following criteria:
the entity is clearly considered to be a public entity according to the national criteria;
such public entity is a non-market producer which administers and finances a group of activities, principally providing non-market goods and services, intended for the benefit of the community and which are effectively controlled by general government;
such public entity is a large and regular issuer of debt;
the State concerned is able to guarantee that such public entity will not exercise early redemption in the event of gross-up clauses.
Textual Amendments
F3 Inserted by Council Directive 2006/98/EC of 20 November 2006 adapting certain Directives in the field of taxation, by reason of the accession of Bulgaria and Romania.
F4 Inserted by Council Directive 2004/66/EC of 26 April 2004 adapting Directives 1999/45/EC, 2002/83/EC, 2003/37/EC and 2003/59/EC of the European Parliament and of the Council and Council Directives 77/388/EEC, 91/414/EEC, 96/26/EC, 2003/48/EC and 2003/49/EC, in the fields of free movement of goods, freedom to provide services, agriculture, transport policy and taxation, by reason of the accession of the Czech Republic, Estonia, Cyprus, Latvia, Lithuania, Hungary, Malta, Poland, Slovenia and Slovakia.
For Austria and Luxembourg (as long as they apply the transitional provisions set out in Chapter III), the total annual amount of tax revenue shared from the withholding tax, split by Member State of residence of the beneficial owners.
For Austria and Luxembourg (as long as they apply the transitional provisions set out in Chapter III), the total annual amount of tax revenue shared with the other Member States from the withholding tax levied under Article 11(5).
Data on the total amounts collected from the withholding tax, split by Member State of residence of the beneficial owners, should also be sent to the national institution in charge of compiling balance of payments statistics.
For the Member States exchanging information or having opted for the voluntary disclosure provision under Article 13, the amount of interest payments within their territory which is subject to exchange of information under Article 9, split by Member State or Dependant and Associated Territory of residence of the beneficial owners.
For the Member States exchanging information or having opted for the voluntary disclosure provision under Article 13, the amount of sales proceeds within their territory which is subject to exchange of information under Article 9, split by Member State or Dependant and Associated Territory of residence of the beneficial owners.
For Member States exchanging information or having opted for the voluntary disclosure mechanism, the amount of interest payments subject to exchange of information, split by type of interest payments according to the categories set out in Article 8(2).
The data related to the total amounts of interest payments and sales proceeds, split by Member State of residence of the beneficial owners, should be communicated also to the national institution in charge of the compilation of Balance of Payments statistics.
For all Member States, the number of beneficial owners resident in other Member States and Dependent and Associated Territories, split by Member State or Dependant and Associated Territory of residence.
For all Member States, the number of paying agents (per sending Member State) involved in exchange of information or withholding tax for the purposes of this Directive.
For all Member States, the number of paying agents upon receipt having received interest payments within the meaning of Article 6(4). This concerns both sending Member States, in which interest payments have been made to paying agents upon receipt whose effective place of management is in other Member States, and receiving Member States, who have such entities or legal arrangements on their territory.
For the Member States exchanging information or having opted for the voluntary disclosure provision of Article 13, the number of records sent and received. One record means one payment for one beneficial owner.
Number and percentage of syntactically invalid records that can be processed;
Number and percentage of syntactically invalid records that cannot be processed;
Number and percentage of non-processed records;
Number and percentage of records corrected upon request;
Number and percentage of records corrected spontaneously;
Number and percentage of records processed successfully.
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