Offshore Bank Account in Isle of Man or Jersey

[Adam]

Being from New Zealand (working in the UK), I have duly registered DOM1 and P86 forms with the UK Inland Revenue informing them I am still of New Zealand Domicile. This means I do not need to declare any income earnt overseas (i.e. Bank Interest back in NZ) and there is no UK tax liability on this as long as I do not remit this overseas income to the UK.

I have an INGDirect account here paying 4.3% interest which I have to pay tax on. Can I open an offshore account in Jersey/Isle of Man where I can invest my savings, earn the interest gross (as all interest is paid gross for these offshore accounts via most high street banks)...

Now the question is - as I am not UK Domiciled, do I need to declare this income to the UK tax department on my Self Assesment? - If not, would I be correct in being able to transfer all the money to New Zealand when the exchange rate is favorable (thereby not remitting it to the UK).

No need to worry about local NZ Tax laws - before leaving NZ for a long time you let the NZ IRD know and become a non NZ Tax resident.

Thanks.