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AIC supports role of offshore centres |
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Daniel Godfrey, Director General of the AIC, said, "The impact of offshore centres on the UK's tax-take has a high profile at the moment and it is entirely understandable that MPs want to look into this matter.
However, the issues raised by this area are diverse and complex. Unfortunately, debates on this agenda all-too-often start with a presumption that ‘going offshore' is inherently undesirable. In fact this is not the case. Using domiciles such as the Channel Islands can secure significant consumer benefits as it allows our Members to offer investment strategies which cannot be competitively delivered by a UK-based investment company. |
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"The fact that the UK tax regime has not kept up with the evolving needs of the sector has allowed places like the Channel Islands to offer attractive and competitive alternatives. A virtuous cycle has been created as the market has become established, standards have improved, and investor confidence has grown. We want to show the Committee that our Members are offering high-quality investment opportunities which meet the legitimate demands of all types of investors - from pension funds to the man in the street.
"Clearly there may be some issues that MPs want to address at the end of this process. Not all offshore centres or the activities carried out offshore are the same. But the last thing we want to see are misgivings about poor practice in one location distorting views and leading to all offshore centres being tarred with the same brush when, in reality, territories such as the Channel Islands offer extremely high standards.
"To reach appropriate conclusions the policy debate must be carried out in an informed and measured way. We hope our contribution to the Committee will assist with this. Hopefully, helping MPs understand the benefits which can be delivered by locating offshore will help us achieve our overall goal of protecting the reputation of our Members, ensuring that there is proper understanding of the high standards they apply offshore, and guarding against unhelpful policy interventions by the UK government."
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