Any Recent Changes to Tax Treatment of Interest on Offshore Accounts?

Hello,

I'm wondering if anyone knows of any recent changes to the rule that if you are a UK resident, you don't have to have tax withheld on the interest on your offshore (in this case, Jersey) accounts.

My husband and I recently set up an offshore savings account with HSBC to put our UK savings in.  We did this to earn increased interest, and because we believe UK tax will not be withheld on the interest b/c we will not be remitting it into the UK.

I ask whether there are any changes to this rule because the form on the HSBC website recently changed.  HSBC requires the account holder to tell them if they are exempt from having tax withheld, and the basis for that exemption. 

On the previous form, HSBC had account holders say they were exempt b/c they were UK residents, and that the offshore interest was only taxed if it is remitted to the UK. 

On the new, updated form, HSBC has account holders say they are exempt b/c they are UK residents and are claiming the remittance basis of taxation. 

Maybe these mean the same thing.  Or maybe not?  Anyone have any thoughts on this?

Thanks for any insight you can offer!

If you are claiming the remittance basis of taxation after 5 April 2008 you would lose your personal allowance & if UK resident for 7 of 9 years also be subject to the £30,000 charge.

You can escape this be keeping non-UK income below £2,000 a year.

If you are claiming the remittance basis of taxation after 5 April 2008 you would lose your personal allowance

What? I thought this also didn't take place until you'd been resident for 7 years? What have I missed?

The Finance Bill currently traipsing through Parliament confirms that the loss of the personal allowance applies to anyone claiming the remittance basis (except if non-UK income is below £2,000 in which case no claim is required).

Oh great.

I'm planning to go to the US later in the year so wanted to cash in some US savings bonds I have there and put the cash into a US bank account.  This is only my third year in the UK.  Will have to figure out the most cost-efficient way to do this.