News

16 December 2012 - New 180 day business account launched by Skipton International

Skipton International has added a business 180 day notice offshore account, the International Business 180, to its portfolio of offshore business deposit products. At the same time, the Bank has lifted rates across the board on its other 120, 80 and 40 day notice and easy access sterling business deposit products.

The new 180 day offshore account offers tiered rates of interest, so larger deposits will earn higher rates of return on the whole balance. Deposits of over £100,000 will earn a variable annual rate of 2.75% gross/AER or 2.50% gross for monthly interest (2.53%AER). For balances between £10,000 and £99,999, the annual interest rate will be 2.50% gross/AER or 2.25% for monthly interest (2.27% AER).

Meanwhile, returns of up to 2.50% gross/AER are available for business customers opting for the 120 day notice option, 2.25% gross/AER for an 80 day notice period and 2.00% gross/AER with 40 days? notice.

With its strong focus on service, Skipton International offers business customers a dedicated contact point at their Guernsey office to ensure smooth and fast account opening, with customers guided through a short and straightforward new account process. Once opened, dedicated contacts are available to ensure the smooth running of all offshore business accounts.

Commenting on the new International Business 180 day account, managing director Jim Coupe said, "Our new International Business 180 meets a need in the market for a higher interest rate allied to a slightly longer deposit commitment. In designing this product, we have sought to bring to the corporate market the same high standards of transparency that we are known for in the domestic and offshore savings market in Guernsey."

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European Union Savings Tax Directive
Information for all EU Residents (including the UK)

This communication outlines the changes implemented, by the Government of Guernsey, on 1 January 2011, to the EU Savings Tax Directive ("The Directive").

Automatic Exchange of Information

If you are resident in the EU (including the UK) gross interest will be paid to you and be subject to an automatic exchange of information with The Guernsey Income Tax Authority.  This report will detail your full name, postal address, account number/s,  date of birth, place of birth, tax identification number (if known) and the amount of interest added to your account/s.  Thereafter this will be forwarded to the tax authorities in your country of residence.

If you are deemed to be "non-domiciled" for tax purposes in your country of residence, we may be able to pay you gross interest without the need to submit an exchange of information report.  To arrange this we require confirmation of your tax status, e.g.  a letter issued by the tax authorities in your country of residence or accountants.

Non EU residents will continue to receive gross interest and it remains the responsibility of individual investors to disclose the interest earned on their accounts to the relevant tax authorities.

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