EU Savings Directive
Under the EU Savings Directive, individual investors resident in EU member countries and certain other countries are subject to tax reporting (or withholding tax in Luxembourg, Belgium, Austria and Switzerland and certain other territories) on redemptions and dividends where they invest in certain funds via a paying agent in a country other than that in which they have their permanent residence. Individual investors with a UK permanent address investing into JPMAM OEICs by way of a UK paying agent such as JPMAM Client Services in the UK are not subject to EUSD. An individual investor with a French permanent address using a UK paying agent would be subject to EUSD if they invest in a fund subject to EUSD.