From: usenet@isbd.co.uk
Newsgroups: uk.finance
Subject: Re: Guernsey, Jersey or Isle of Man
Date: 17 Jun 2004 14:20:56 GMT

dp  wrote:
> > Certainly while we were abroad from 1974 to 1977 and from 1980 to 1987
> > interest on offshore accounts was credited gross.  However I believe
> > that interest on UK accounts was also credited gross if you told the
> > bank and/or filled in the right forms.
> 
> Indeed, but the reason was because you were working abroad and not because
> you had an offshore account. As you say, the UK and offshore accounts are
> treated in a similar way.
> 
> IMO the only advantages of offshore accounts are if you receive or make many
> foreign currency payments or if you have something to hide. The view of tax
> authorities is similar.
> 
I think (at least at the time we were overseas) the reason for going
for an offshore account was just that it was *simpler* to get interest
paid gross.  One didn't have to do anything, it was just paid gross.
Whereas with an onshore account it was paid net by default and you had
to do something to get it paid gross.

-- 
Chris Green