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Derbyshire Offshore Raises Interest Rates

by Jeremy Hetherington-Gore, Tax-News.com, London

01 December 2006


Following the recent UK base rate rise, Derbyshire Offshore’s all-in-one Interest Accumulator account is now paying up to 5.10% (effective 1 December 2006), giving clients tax planning advantages as well as access to great rates.

Fiona Passey, Director of Offshore Banking, Derbyshire Offshore comments, “If you are aware that your tax situation is likely to change, perhaps from a high tax liability range to a lower one, our Interest Accumulator account could have advantages for you. You could be planning for your retirement, downsizing or intending to move abroad. Alternatively, if you are an expatriate returning to the UK between contracts and you intend to work abroad again, this might be the right account for you, if you have established non-residency for UK tax purposes.”

Derbyshire says its Offshore Interest Accumulator account has already proved popular with those clients who are interested in tax planning. Interest is calculated and accrued daily, but is only paid on the day you close the account – which can be anytime after two years of opening the account.

Key Features include a minimum balance GBP10,000 and a maximum balance GBP2m. Only sterling is accepted. Interest payable on account closure only after at least two years. Unlimited penalty-free withdrawals after 6 months from date of opening account.

Derbyshire Offshore is the trading name of The Derbyshire (Isle of Man) Limited, which remains wholly owned by Derbyshire Building Society.


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