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FSA’s offices are held offshore in Jersey

The FSA’s headquarters are being held offshore in a complex legal structure understood to be saving investors thousands of pounds in tax every year.

Surrey-registered Evans Randall, an investment banking and private equity group specialising in alternative assets, registered 25 North Colonnade in Jersey in November 2005.

It is the latest building to be occupied by a public authority that has been revealed as being held offshore.

Earlier last month, it was reported that the Treasury and Home Office premises have been moved offshore under private finance initiatives. The key benefits of placing a building offshore include tax neutrality, light regulation and a flexible legal framework, according to Jersey-based offshore law specialist Mourant. It says buildings registered in Jersey could be held as an offshore trust or special-purpose vehicle.

The FSA has leased the offices until 2018 and pays around 10m rent a year. An FSA spokesman says: “We cannot comment on the operations of the company which owns 25 North Colonnade.”

Evans Randall Investment Management also declined to comment.

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