Isle of Man/ Jersey withholding Tax option-your opinion of interpretation? Isle of Man treasury states Quote- If a customer chooses the exchange of information option instead of withholding tax, details of the customers identity and residence, their paying agent, the level of savings income received and the period to which it relates will be reported to the local tax authority in the country which the account is held and then forwarded to the Tax authority of the country in which the customer is resident. In practice, banks and other paying agents in the IOM have been given the option to offer to customers the choice between the deduction of withholding tax and exchange of information. The position is therefore more flexible than many EU Member States, where no choice will be offered. (Rates 2005 July @15%. July 2008 July35%. July 2011 35%.) My question – is the above giving you the option of paying a withholding tax and not declaring eg: a savings account held in a bank in the IOM. If not then why is this option being offered – I just can’t fathom this as I thought you had to report all your world income. MBK[8-)]