Allan907, no, I didn't misunderstand at all. I know where you are and what you do it legit. I was just emphasising the point that it is a scheme to bring money to you as you are already domiciled abroad and not a device to send money abroad if you are UK domiciled as many in this thread currently are.
As far as tax on interest goes, I imagine you need to declare it for tax purposes annual regardless of whether ypu repatriate any money that year.