898S Cessation

This section provides for the repeal of the Directive with effect from 1 January 2016. The provisions of Chapter 3A, with the exceptions of sections 898L, 898M and 898O, cease to apply to interest paid to or secured on behalf of a person on or after the 1 January 2016 where the person is—

1. resident in another Member State, or
2. resident in a third country or a dependent or associated territory of a Member State which is a reportable jurisdiction within the meaning of Section VIII of the OECD Standard for the Automatic Exchange of Financial Account Information as defined in section 891F.

[Liechtenstein and San Marino are adopters of the OECD Standard from 1 January 2016 and therefore Chapter 3A will no longer apply in respect of payments made to residents of these jurisdictions with effect from that date. As Andorra, Monaco and Switzerland are not adopters of the OECD Standard until 2017, relevant interest payments will not fall to be reported in respect of these jurisdictions under section 891F from 1 January 2016 and therefore the provisions of Chapter 3A will continue to apply. Similarly, the dependent and associated territories have all committed to exchanging information under the OECD Standard as and from 2016 or 2017.]

Relevant Date: Finance Act 2021