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Onshore / Offshore

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The_Fiddler_2
The_Fiddler_2 Posts: 565 Forumite
in Savings & investments
What is the difference between offshore and onshore accounts? Can anyone have either? What are the advantages / disadvantages?

Thanks :)
Noobie (not so :D) trying to make loads a dosh - please bear with all my questions :beer: Thanks :D


Comments

  • Steve_xx
    Steve_xx Posts: 6,979 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I think offshore accounts normally have the interest paid gross, but you have to declare it to the inland revenue and then pay the appropriate amount of tax.

    I'm not sure if off-shore accounts are afforded the same levels of protection under the FSA compensation scheme.
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