Offshore

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.

The Treasury Department of the Isle of Man is preparing for a full roll-out of online services which will help advisers and companies "interact with the income tax system".

The Isle of Man Treasury is planning to remove the compulsory annuitisation of pension schemes, under its proposals for 'pensions simplification', because there are now fewer annuity providers on the island.

Allan Bell, the Isle of Man Treasury Minister, has announced in the Budget the completion of a review into the Island's funds sector, and the establishment of a £20m economic development fund.

A draft trust designed to avoid Isle of Man probate and Inheritance Tax issues associated with life assurance policies has been launched by Scottish Life International.

Legal & General has confirmed it is to enter the offshore market with the establishment of a new international company in Ireland which will deliver offshore bonds into the UK market by the second half of the year.

The latest figures from the ABI indicate that the market for offshore single premium bonds sold in the UK has increased from £4.8bn in 2005 to £7.1bn in 2007 - an increase of almost 50%. This is after a 63% increase in 2006 over 2005. This is a big and...

A specialist offshore adviser website has been launched by Clerical Medical International in a bid to strengthen its relationship with intermediaries.

Barclays is trying to increase the amount of business it does with intermediaries with the launch of a website designed to help advisers conduct overseas mortgage business.