Offshore accounts: any good?

lillyofthevalley

I've often heard about offshore accounts because they are not taxed. Are they better than mini ISAs?

isofa

There has been a high crackdown by the government on these accounts, so you must declare all off-shore accounts on your tax return.

There is a good article and tips regarding Offshore Banking from Moneyfacts here.

Personally I can't see the point, as you can get similar rates on-line in the UK.

tradetime

lillyofthevalley wrote: »

I've often heard about offshore accounts because they are not taxed. Are they better than mini ISAs?

You've been mis-informed, it's not where your money is, it's where you are and your tax status where you are.

lillyofthevalley

tradetime wrote: »

You've been mis-informed, it's not where your money is, it's where you are and your tax status where you are.

I see. Thanks for that.

Jonbvn

I think such accounts are only worth considering if you are non-resident or non-dom for tax purposes.