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Complainant Name:
Mr Glyn Davies

Clauses Noted: 1

Publication: The Observer


Mr Glyn Davies complained that an article about the Icelandic banks Landsbanki and Kaupthing inaccurately stated that it was likely that those who chose to transfer their savings to offshore accounts would be able to avoid paying tax until they brought money into their new country of residence. In fact, the complainant pointed out that the European Tax Savings Directive required that all EU residents who had offshore savings accounts either had tax withheld at source (which was then passed on to the country of residence) or had their tax details sent to their country of residence, where income tax would be deducted.


The complaint was resolved when the newspaper annotated the online version of its article with the following statement:

We should clarify that the European Tax Savings Directive requires all EU residents who have offshore savings accounts in the Isle of Man or the Channel Islands have tax withheld at source which is then passed on to the saver's country of residence, or have their tax details sent to their country of residence where income tax will be deducted.

Report: 78

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