Offshore Bank Accounts ?

[RJUK]

There is a lot about Offshore Bank Accounts on the net, but a lot of bad info...

Where can you get one with a resonable deposit and not massive charges as with some.

I just want to simply have some money in an Offshore should things turn nasty with the missus, enough to back me up... and untouched by tax and solicitors.

I would really appreciate all your inputs...

[accountant@uktaxshop]

RJ,

If you are UK resident and domiciled, there are no tax advantages for off shore accounts.

They are fully taxable in the UK.

As you have also identfied the charges tend to be higher than for UK banks.

If you are not UK domiciled there could be some advantages, as you are only taxed on a remitance basis for incomes bought into the country.

Regards

James Smith
Chartered Accountant
www.uktaxshop.co.uk
01284 764436

[Nigel Lord]

RJUK

I agree with James' advice. The only tax advantage of having an offshore account while UK resident and domiclied would be if you are planning tax evasion!

You should also be aware that this strategy would probably not legitimately protect the assets from an estranged spouse in any court approved separation/divorce settlement as you would have to declare all assets to avoid being in contempt of court.

Nigel Lord
Lord Associates
Taxation & Business Consultants
Caxton House
Old Station Road
Loughton
Essex, IG10 4PE
020 8418 9101 & 07769 931852
mail@lordassociates.co.uk