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Buy-to-let suffered a more pronounced low than the mainstream mortgage market in 2009, as the full impact of the financial crisis revealed itself. But now it seems that the sector is making something of a comeback. This week, moneyfacts.co.uk released figures that revealed that the number of buy-to-let mortgages available had precisely doubled from 243...
Offshore banking simply means holding an account in a country where you don’t live. Many offshore banking centres tend to be small islands or principalities with favourable tax regimes – such as the UK crown dependencies of Jersey, Guernsey, the Isle of Man and Gibraltar.
Because costs are lower to banks operating in these offshore centres, they can offer higher rates of interest than those offered by their UK-based parent companies. They also have reputations as tax havens because you may be able to pay less tax than if you held your savings in the UK (depending on your situation).
Banking offshore offers notable advantages if you live and/or work abroad, or own property overseas.
Just because you bank outside of the UK, it doesn’t mean you avoid paying UK income tax on any interest you earn.
If you live and work in the UK, and receive interest from an offshore bank or savings account, you should declare it to HM Revenue & Customs on your Self Assessment tax return.
HM Revenue & Customs are very focussed on customers with offshore bank accounts in an effort to combat tax avoidance by UK taxpayers.
If you are in any way unsure about the tax situation if you have, or are considering an offshore account, you should seek independent advice from an accountant or financial adviser.
