Offshore

Canada Life International is changing the valuation basis it uses for its discounted gift products after the Capital Taxes Office highlighted a change in position.

JOHN McFALL, CHAIRMAN of the influential Commons Treasury select committee, has joined critics of the FSA's "light-touch" regime for overseas investment funds, according to the FT.

Pensioners are being warned retiring abroad to countries such as Spain will not necessarily mean they will avoid the UK's Inheritance Tax regime, according to Bank of Scotland International.

Jersey's funds sector has grown over 30% during the past 12 months, as the financial services industry on the island experienced a general upswing in growth.

Fidelity FundsNetwork has teamed up with Standard Life International to introduce an international offshore bond onto its platform from April.

The Royal Court in Jersey has ruled clients of advisory firm Alternate Insurance Services are entitled to more than £1m in compensation after it was found the firm had provided misleading advice.

HM Revenue & Customs is expected to issue details shortly of a partial "amnesty" scheme for offshore investors who have evaded paying tax on their interest, although its appeal could be limited.

Scottish Life International has sent a plea to the Chancellor of the Exchequer to include measures in the forthcoming Budget to simplify parts of the offshore tax system by removing unnecessary administration burdens.

Norwich Union has extended the deadline for its closure to new pension and annuity business in the Channel Islands and Isle of Man until June.

Draft regulations for the implementation of the third EU Money Laundering Directive have been released by the HM Treasury, including a list of products which will benefit from simplified due diligence.