Offshore Investment

The Investment Management Association has for the first time launched sales and fund under management data for offshore investment funds.

A good review of Jersey's regulatory system by the International Monetary Fund in its next visit could mean more of a level-playing field for offshore jurisdictions.

The takeover of Portman Building Society's offshore deposit taking business, Portman Channel Islands, by Scarborough Building Society Group has been completed.

The Guernsey Financial Services Commission has issued a consultation on proposals to extend its enforcement powers to bring it in line with other regulatory bodies such as the UK's Financial Services Authority.

A lack of immunity in the offshore ‘amnesty' announced by HM Revenue & Customs means the system could be dangerous for more complex disclosure cases, warns a director from law firm DLA Piper.

HM Revenue & Customs has unveiled plans for an offshore ‘amnesty' which could affect over one million people and bring in around £5bn for the Treasury in unpaid taxes.

MGM Assurance has launched a range of offshore funds through its Dublin-based subsidiary MGM International Assurance Ltd.

Up to 100,000 investors in offshore accounts will have their penalties for tax evasion cut from £100pc to 10pc if they disclose their investments voluntarily, HMRC said.

As expected, Gordon Brown has all but closed the door on the year-and-a-day cash investment schemes in his recent Budget, but the fallout may be much greater than was originally estimated.

Recent announcements about Standard Life's launch of an open-architecture contract and Legal and General's launch of a new international life company, based in Ireland by end of the year, herald major changes to the current offshore landscape.