Savings tax returned to EU states

Jersey returned £22m of tax to the European Union last year as part of an agreement to tax the offshore savings of EU residents.

Jersey is one of a number of dependant or associated territories that signed an agreement to return retention tax to the EU.

Jersey took almost £30m in tax from the savings of EU residents last year.

A quarter was retained by the island, while the rest was returned to EU states where the savers are resident.

The UK is the biggest beneficiary, getting almost £14m. Spain and France each had about £1.5m returned to them.