From: John-Smith 
Newsgroups: uk.finance
Subject: Re: Bank wants to know if I have another bank accnt
Date: Mon, 23 Aug 2004 16:41:48 +0100


 john boyle  wrote:

>Initially a 'Retention' tax deducted from the interest creditted to the 
>offshore account at source. In due course the offshore bank will have to 
>tell the UK authorities (in fact all the EU member revenue department) 
>the amount of interest paid.

Presumably this will drive people who want confidentiality **from the
tax authorities** (perhaps for tax evasion reasons) further offshore?

I can't help thinking that all these measures are aimed at making it
harder for Joe Public setting up a bank account at the Woolwich in
Guernsey and not declaring the interest received to the Revenue.

Anybody with initiative is going to set up a different identity, with
an address outside the EU. And anyone doing it with large amounts will
use a nominee company, which won't be in the Channel Islands :)