Offshore

The Association of International Life Offices (AILO) have issued new business figures for the offshore market recently. They make impressive reading.

Standard Life International has appointed Craig Tunstall as chief executive, taking over from Murray Drummond who has been in the role for just over two years.

The offshore business of Old Mutual is to become part of Skandia International, in an attempt to capitalise on market developments and share best practices across the businesses.

Chiltern is warning HM Revenue & Customs could start clamping down on undisclosed tax liabilities in offshore accounts as early as July.

The Crown Dependencies of Jersey and the Isle of Man have signed declarations with the UK recognising each Island has its own identity and interests in the international arena.

The results of the Phizackerley test case on the issue of Inheritance Tax and nil-rate band will trusts, is just the start of a "long war" with HM Revenue & Customs on the subject of tax planning, claims the Royal Bank of Canada.

The Investment Management Association has for the first time launched sales and fund under management data for offshore investment funds.

A good review of Jersey's regulatory system by the International Monetary Fund in its next visit could mean more of a level-playing field for offshore jurisdictions.

The takeover of Portman Building Society's offshore deposit taking business, Portman Channel Islands, by Scarborough Building Society Group has been completed.

The Guernsey Financial Services Commission has issued a consultation on proposals to extend its enforcement powers to bring it in line with other regulatory bodies such as the UK's Financial Services Authority.