I receive monthly payouts from a group of Russian Forex Experts to
which I loan funds. I live in the UK and am trying to find a way to
avoid at least some of the extortionate income tax we pay in this
country. My investments are paid and received through the online
electronic gold e-currency processor Egold. I am looking at setting up
a Swiss offshore account into which I can then deposit these funds.
They issue me with an ATM card with which I can withdraw my money here
in the UK. Is this a good way of avoiding UK tax or will I still be
liable to pay? Also I have been reading about the new EU Savings Tax
Directive, will I be affected by this and if so how?

Many thanks for your time,

J Calow

Opening a bank account anywhere is not so easy these days due to money
laundering regs.

What I suggest is that you set up a company somewhere, possibly even
in the UK where there are significant tax advantages. For example, the
first £10,000 profits are tax free!

Of course, there is a tax bite when you distribute the profits but
even this is not as crippling as taking the profits directly into your
personal tax ambit.