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offshore accounts

Old Jan 3rd 2011, 2:09 pm
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Default offshore accounts

I wonder if anyone knows the latest state of play regarding retention tax on offshore accounts ?
As I understand it from 1 July 2011 the Isle of Man has elected to go for paying gross interest and full disclosure of all information to the authorities of relevant countries.
However whether or not the Channel Isles, as non EU,and others are following suit, or continuing the present retention and non disclosure system, does not seem to be very clear.
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Old Jan 4th 2011, 5:30 pm
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Default Re: offshore accounts

The UK government are putting considerable pressure to have disclosure from offshore tax havens. AFIK, IoM have bowed to the pressure, Channel Islands have not, nor have banks in spain but watch this space.
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Old Jan 4th 2011, 11:20 pm
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Default Re: offshore accounts

Originally Posted by missile
The UK government are putting considerable pressure to have disclosure from offshore tax havens. AFIK, IoM have bowed to the pressure, Channel Islands have not, nor have banks in spain but watch this space.
Bearing in mind that one of the main reasons, if not the main reason for many punters to bank offshore, is to avoid full disclosure, it seems strange for the I.o.Man to go it alone, unless they are absolutely sure of all the rest following very soon, otherwise they surely stand to lose a very large percentage of their business.
I would say it's very unlikely that the rest will all fall in line, though there will no doubt be great pressure on those regarded as British territories, which incidently make up about 50% of all the Worlds offshore zones.
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Old Jan 5th 2011, 12:13 pm
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Default Re: offshore accounts

IoM was least able to resist.

There is quite a lot of discussion in financial circles that full disclosure is imminent. You guess may be better than mine, but I do not believe this will happen any time soon. I would suggest IFAs are talking up a storm to generate business.

I don't have any non disclosed offshore investments, so it doesn't really concern me.
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