offshore

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offshore

based or operating abroad in places where the tax system is more advantageous than that of the home country

offshore

[′ȯf¦shȯr]
(geology)
The comparatively flat zone of variable width extending from the outer margin of the shoreface to the edge of the continental shelf.
References in periodicals archive ?
At its most basic a UK domiciled and resident citizen may for example have an offshore account simply to facilitate the paying of expenses of a holiday home abroad.
The offshore accounts described in the leaked documents are not necessarily unlawful - though they could help conceal criminal activity - but the leak underscores the scale of activity many countries, including the United States, have been actively looking to reform.
It is now understood to be considering offering a similar deal to customers at another 170 banks and financial institutions after obtaining a similar ruling for them to disclose information on offshore accounts.
The HMRC is looking to recoup over pounds 5bn unpaid tax and has written to everyone in the UK with an offshore account asking them to declare how much tax they have paid on profits and to rectify any outstanding payments.
By asking private banks to disclose offshore account details, the HMRC is widening its net further still, indicating that they are leaving no stone unturned," said Gary Ashford, client services director of tax investigations at Grant Thornton in Birmingham.
Mr Ashford added: "As more people invest in property abroad, there may be a significant proportion who do not realise that assets in offshore accounts are liable to UK tax.
The technology revolution has made offshore accounts accessible and affordable for many people with overseas holiday homes and other property interests and for those with a sideline buying and selling on eBay.
In a significant ruling, HMRC has been able to convince a Special Commissioner that many people running offshore accounts fail either to file tax returns or declare any overseas interest.
I think it is highly likely that HM Revenue & Customs will delve deeper into your finances to ensure that funds in the offshore accounts have been properly accounted for and you may land yourself with much more than you bargained for," she said.
The technology revolution has made offshore accounts accessible and affordable for individuals with overseas holiday homes and other property interests and for those with a sideline buying and selling on EBay.
But Mr Reynolds yesterday denied the developer ever gave him money and refuted other claims that he owned offshore accounts in Jersey, Liechtenstein or Dutch Antilles.
More than 90% of DPRs flow through three correspondent banks that at closing will have signed notice and acknowledgement agreements (N&As) irrevocably obligating them to pay remittances through the offshore accounts controlled by the indenture trustee.