Gaines-Cooper Tax Exile Appeal Begins In London  

A legal appeal against an interpretation of the 91-day tax residence test by the UK tax authorities got underway in London last week, in a case that is being keenly watched by wealthy British expats and their advisors.The case in question involves businessman Robert Gaines-Cooper, a British-born multi-millionaire businessman based in the Seychelles, who has claimed not to be resident in the UK for tax purposes, but who HM Revenue and Customs believes maintains strong ties in the UK, and therefore remains effectively tax resident there.

Northern Rock savers to be allowed to restore lost ISA tax benefits The UK's economic secretary, Kitty Ussher, has announced that the government would allow people who during the recent financial market disruption withdrew cash from individual savings accounts held at Northern Rock and in the process lost their tax advantages - to re-deposit that money into a cash ISA with Northern Rock or any other provider, restoring their tax advantages.

The Onward March Of Offshore Interest Rates Continues

Isle of Man bank Bradford and Bingley International (BBI) launched a new Base Rate tracker savings account on 17th October 2007. The Future Planning Tracker has an interest rate of 6.40% for balances of GBP25,000 and above and is expected to appeal to people looking to maximise the return on their longer-term savings.

Bahamas Committed to Anti-Money Laundering Strategy  A national strategy for the prevention of money laundering and terror financing (AML/CFT) is central to the Bahamas's goal of sustaining its place as a well-regulated financial services jurisdiction, Attorney General Sen. Claire Hepburn told a recent conference. “It is accepted that the first step in the fight against money laundering must be the enactment of effective anti-money laundering and financing of terrorism legislation," Sen. Hepburn, who is also Minister of Legal Affairs, told a seminar hosted by the Bahamas Financial Intelligence Unit (FIU) this week.

EU Seeks To Improve Access To Listed Company Information  The European Commission is encouraging Member States to create an electronic network interconnecting the national repositories which store financial information on listed companies, it emerged this week.The implementation of this recommendation aims to facilitate investors' access to historical information on companies’ performance and financial position as well as on changes in major shareholdings

Offshore Funds List On BSX The Bermuda Stock Exchange has approved the listing of two offshore funds on the exchange, one domiciled in the British Virgin Islands and the other in Guernsey. On October 11, the Listing Committee of the BSX announced the approval of the listing of the 400,000 Class A Ordinary Shares of the Global Market Opportunities Fund (GLMKTOA VI) for Qualified Investors.

Bank of America injects $83 million into Indian operations

This capital injection will not only boost the capital base of the bank and further strengthen its capital adequacy ratio, but also help to position the bank for further growth in India. With this infusion, the tier I capital of the bank's India branches has now increased to $466 million and boosted its total capital base to $510 million.

Northern Rock's entire board offered to quit Northern Rock's entire board offered to resign as the liquidity crisis that forced to mortgage lender to borrow £13 billion from the Bank of England gathered pace, it has emerged today.