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Offshore 'vanilla' business beckons

PwC delivers verdict on autumn statement

The game is all but over for offshore sectors offering aggressive tax avoidance structures.

That view from Island accountancy firm PwC, after the UK Chancellor's autumn statement.

Tax partner Kevin Cowley says buried within Philip Hammond's taxation plans were firm measures to clamp down on both tax evasion, and tax avoidance - once seen as legitimate.

Mr Hammond announced plans to force financial service providers to register wealth management schemes with HMRC, along with a regime of penalties for so-called 'enablers' of tax avoidance.

Mr Cowley said while the measures will be a headache for the sector, the offshores still have a 'niche' proposition.

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