GUERNSEY is receiving support for its position as a financial centre and home for investment companies from the Association of Investment Companies.

It has written to MPs on the House of Commons Treasury Select Committee to help ensure that they understand the legitimate role that ‘going offshore’ can play. Daniel Godfrey, director-general of the AIC, said it was important that the committee understood the role Guernsey plays as well as possible as it undertakes its inquiry into offshore financial centres.

‘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.’