GUERNSEY should have nothing to fear from a UK Government review of offshore territories, according to Fortis tax director Fran Snoding, pictured.

The shock announcement in Monday’s pre-Budget statement sent a few waves through the local finance industry.

But Mr Snoding is confident, despite Chancellor Alistair Darling saying that the UK taxpayers should not be the ones supporting so-called offshore centres in times of need.

‘The review will allow the UK Government to take a considered look at the Isle of Man and the Channel Islands in terms of financial supervision and transparency as well as fiscal arrangements  This should not worry us because Guernsey is a well-regulated financial centre and has a programme in place to enter into tax information exchange agreements with a variety of jurisdictions.

‘The OECD has in fact been impressed in the last week by Guernsey’s efforts to maintain its transparency by signing TIEAs.’