Scottish Mutual International and Scottish Provident Ireland, subsidiaries of Abbey National Group, are to be closed with the loss of over 50 jobs. Abbey blames poor investment conditions for the decision.
Our view
These closures, as well as them being blamed on poor markets, may also be due to the changing role that the European Directive will have on offshore status taxation countries being required to disclose income and assets to resident countries and residents who have investments abroad. We believe that whilst the offshore market will shrink, there will still be a market for those who wish to benefit from tax free/tax deferred roll up of shore.
is developing a dedicated website at the moment for Offshore, Expat and Overseas investment and still see a real need for global, financial planning. Indeed we see the need to plan being even greater as some states adopt the EU Directive whilst others, who do not, will charge a withholding tax on returns.
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