Jersey Finance Quashes 'Offshore Bank Tax' Rumour

by Robert Lee, Tax-News.com, London

28 January 2009

Jersey Finance has this week sought to assuage fears produced by rumours that the UK government plans to impose a tax on bank accounts located offshore as part of a deposit protection scheme.

A statement from Jersey Finance announced: "Recent reports have suggested that the UK government is considering implementing an offshore bank account tax as part of a deposit protection scheme and that this move would have an impact on Jersey. These reports are purely speculative and have no basis in fact."

“Jersey’s Finance Industry has no knowledge of the UK government imposing a tax on accounts held in Jersey, is not in discussions about such a move and has no intention to pursue such a course of action.".

The statement concluded: "The ‘misinformed’ reports suggest that such a move would be in relation to the UK Treasury’s recently announced review of the Crown Dependencies and Overseas Territories. Jersey Finance has maintained throughout that the review is no threat to offshore account holders and furthermore is welcomed by the Industry. On the contrary, it provides Jersey with a further opportunity to demonstrate the high standards of regulation that are in place in the Island as well as its commitment to supporting the drive for greater transparency in global financial services.

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