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Recession - Sad Tales - Wealth Lost

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Would anyone open one of these;

http://www.lloydstsb-offshore.com/internat...gs/bonus-saver/

After reading this;

http://www.ksfiomdepositors.org/public-page/our-stories

Do you now think it is safe to bank offshore?

Mods give it a few hours, please, it relates to incompetence, surely?

Panda

They are heart-tugging stories but why didn't they keep the money in UK banks? IRs? Taxes?

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They are heart-tugging stories but why didn't they keep the money in UK banks? IRs? Taxes?

Blatant greed to avoid tax. Funny how taxpayers have bailed them out, well some of them.

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They are heart-tugging stories but why didn't they keep the money in UK banks? IRs? Taxes?

If you are travelling the world, or have migrated, and waiting for the mad jock to f'ck off so we can allow our currency to ragain some kind of value relative to say the Euro, then this kind of account is great.Interest monthly, tax free, if you live ouitside the Euro, so pay tax locally where you live/resident etc? No i do not think it is all about greed, and you cannot dodge tax.

I will say maybe they were chasing higher interest rates, some but not all.

How safe would you say the Lloyds TSB account is, i am going off for a while, maybe a year or two, some sightseeing, would you trust your savings in there?

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Blatant greed to avoid tax. Funny how taxpayers have bailed them out, well some of them.

I have an offshore account in the IoM (two actually). The reason I have them is not to avoid tax (I selected the option to declare tax, which I think is the norm now) but rather so that I can hold currency in $USD. I get stock options in $USD and it is useful to be able to hold the proceeds in $USD so that one can choose an optimal time to convert to £GBP. Nothing sinister there.

IoM offers a £50K guarantee whereas Jersey (which is the other favoured offshore location) does not offer any guarantee. To be fair, I kind of doubt the IoM have the money to back their guarantee though.

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Banking offshore does not exempt you from any UK tax liability.

UK tax liability is determined by residency.

If you are an expat without a UK residence you will not be able to open an account in the UK.

You will find that most of the victims of this situation simply had no choice but to bank offshore.

Oh and the interest rates are always lower than the mainland

Regards

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What is wrong with these people- they dumped all their cash into Isle of Man bank accounts without even bothering to find out whether the IoM was even part of the UK.

I noticed that now one mentioned the reason they went to the IoM in the first place was to get the biggest interest rate possible with the smallest tax liability possible.

If these chumps hadn't been so greedy their money would be safely tucked up in a protected UK bank account.

A high currency suits ex-pats and importers- for UK exporters a more competitive currency is a god send.

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Would anyone open one of these;

http://www.lloydstsb-offshore.com/internat...gs/bonus-saver/

After reading this;

http://www.ksfiomdepositors.org/public-page/our-stories

Do you now think it is safe to bank offshore?

Mods give it a few hours, please, it relates to incompetence, surely?

Panda

Its sad, but I have little sympathy. This increased risk is a downside of offshore banking. There is an upside if you are not UK domicile (tax free savings) - it seems the investors where not able to assess the downside risk and upside reward.

No one is forced to bank offshore!

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Sad, yes. But i cant help thinking that if there was no compensation protection net then this whole mess would have been a lot harder to facilitate.

Of course other things like the pension funds industry and interbank lending system have a lot to answer for as well.

And im saying that as someone who had some money with Icesave - if there was no deposit protection i would have been (and would be now) 100% with NSANDI.

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