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Whalley predicts ruling will boost offshore life products

Offshore life products could see a surge in popularity after the Revenue put the squeeze on offshore bank accounts earlier this month, says Scottish Equitable International head of marketing Steven Whalley.

He says after the Revenue forced Barclays to hand over details of customers’ offshore bank accounts, many investors will look at offshore life products instead.

Whalley says the legal ruling which allowed the Revenue to act does not have any direct implications for offshore life products.

He says: “I do not think there will be a direct effect. The tax on a bond is quite clear and easily assessable to the Revenue. It has to be on a tax return so the new access the Revenue has will be of little effect.

“It may, however, have a knock-on effect as people may now decide to put their money offshore into a life product instead of an offshore account.”

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