European Union Savings Directive
What is the European Union Savings Directive?
How does the Directive affect me?
What countries affected under EUSD?
Will I need to provide extra information?
What is a Tax Identification Number (TIN)?
Which of my accounts with The Co-operative Bank are affected?
Where can I find more information?
The European Union Savings Directive (EUSD), is a new directive that's been introduced to help reduce cross-border tax evasion within the European Union (EU) member states and other dependant territories.
If you:
- are an EU resident receiving savings income outside your resident country
- hold a passport / identity card issued by an EU member state
- opened your account(s) after January 1st 2004
- receive credit interest payments into an account you hold with any Financial Institution, not just The Co-operative Bank
then you could be affected.
How does the Directive affect me?
If you fall into a category outlined in 'What is The European Savings Directive' above, then information identifying you and your credit interest income will be reported to the UK tax authorities (HM Revenue and Customs). The UK tax authorities may in turn pass this information to the relevant EU member state or dependant territory, tax authority.
The information we'll pass on will include:
- Your name
- Your address
- Your country of residence for EU Tax purposes
- Your Tax Identification Number
- Your date of birth and town/country of birth
- The amount of the credit interest income payment
- The currency in which the savings income payment was made
What countries are affected under EUSD?
If you currently live in, or hold a passport / identity card issued by one of the countries listed in the table below or in a dependant territory, then you may fall under the Directive.
| ANGUILLA | CYPRUS | GREECE | LITHUANIA | SLOVAKIA |
| ARUBA | CZECH REPUBLIC | GUERNSEY | LUXEMBOURG | SLOVENIA |
| AUSTRIA | DENMARK | HUNGARY | MALTA | SPAIN |
| BELGIUM | ESTONIA | IRELAND | MONSERRAT | SWEDEN |
| BERMUDA | FINLAND | ISLE-OF-MAN | NETHERLANDS ANTILLES | SWITZERLAND |
| BRITISH VIRGIN ISLANDS | FRANCE | ITALY | NETHERLANDS | TURKS & CAICOS ISLANDS |
| CAYMAN ISLANDS | GERMANY WEST | JERSEY | POLAND | UK |
| CHANNEL ISLANDS | GERMANY EAST | LATVIA | PORTUGAL |
Will I need to provide extra information?
In order to meet The Co-operative Bank's obligations under HM Revenue and Customs rules: If you have recently moved overseas and the information we hold indicates that you fall within the directive, we will contact you to provide us with additional information, such as your town and country of birth or your Tax Identification Number (TIN). Specific details will be in the letter we send you.
What is a Tax Identification Number (TIN)?
A TIN is a unique number issued to you by your country of residence tax authority.
The format of the number will vary depending on the issuing country.
In the UK the TIN number would be your National Insurance Number.
Not all EU member states issue a TIN number.
If you're not able to provide a TIN we can accept your date of birth and town and country of birth as an alternative.
Which of my accounts with The Co-operative Bank are affected?
Any accounts that receive credit interest payments could be affected. Have a look at What is the European Savings Directive for details.
Where can I find more information?
More information about the European Union Savings Directive can be found on the HM Revenue and Customs website:
If you have any questions, please contact:
Personal Tax Services
The Co-operative Bank PLC
PO Box 200
Skelmersdale
WN8 6YR
Tel: 08457 121 212
Tel: +44 1695 621621 if calling from overseas.
Business Customers please contact:
Business Customer Service Centre
The Co-operative Bank PLC
PO Box 250
Skelmersdale
WN8 6WT
Tel: 08457 213213
Tel: +44 161 848 8213 if calling from overseas.
