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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
 
                                  SCHEDULE 13D
                                 (Rule 13d-101)
                    Under the Securities Exchange Act of 1934

                                (Amendment No. 5)
 
                    International Assets Holding Corporation
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                                (Name of Issuer)

                          Common Stock, $0.01 par value
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                         (Title of class of securities)

                                   459028 10 6
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                                 (CUSIP number)

                                Joseph A. Orlando
                   Vice President and Chief Financial Officer
                          LEUCADIA NATIONAL CORPORATION
                              315 Park Avenue South
                            New York, New York 10010

                                 With a copy to:

                            Andrea A. Bernstein, Esq.
                           Weil, Gotshal & Manges LLP
                                767 Fifth Avenue
                            New York, New York 10153
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            (Name, address and telephone number of person authorized
                     to receive notices and communications)

                                January 24, 2006
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             (Date of event which requires filing of this statement)

If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
[_].

Note: Schedules filed in paper format shall include a signed original and five
copies of the Schedule, including all exhibits. 

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purposes of Section 18 of the Securities Exchange Act of
1934 (the "Exchange Act") or otherwise subject to the liabilities of that
section of the Exchange Act but shall be subject to all other provisions of the
Exchange Act.

                         (Continued on following pages)

                               (Page 1 of 5 pages)
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CUSIP No.  459028 10 6                                             13D
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-------------------------------  ---------------------------------------------------------------------------------------------------
              1                  NAME OF REPORTING PERSON:                                         Leucadia National Corporation

                                 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON:
-------------------------------  ---------------------------------------------------------------------------------------------------
              2                  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:                                        (a) [_]
                                                                                                                          (b) [_]
-------------------------------  ---------------------------------------------------------------------------------------------------
              3                  SEC USE ONLY

-------------------------------  --------------------------------------------------  -----------------------------------------------
              4                  SOURCE OF FUNDS:                                    WC

-------------------------------  ---------------------------------------------------------------------------------------------------
              5                  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS 
                                 REQUIRED PURSUANT TO ITEM 2(d) OR 2(e):                                                      [_]
-------------------------------  ---------------------------------------------------------------------------------------------------
              6                  CITIZENSHIP OR PLACE OF ORGANIZATION:                      New York

------------------------------------------------  -----------  ---------------------------------------------------------------------
                   NUMBER OF                          7        SOLE VOTING POWER:                             1,384,985
                    SHARES
                                                  -----------  ---------------------------------------------------------------------
                 BENEFICIALLY                         8        SHARED VOTING POWER:                           -0-
                   OWNED BY
                                                  -----------  ---------------------------------------------------------------------
                     EACH                             9        SOLE DISPOSITIVE POWER:                        1,384,985
                   REPORTING
                                                  -----------  ---------------------------------------------------------------------
                  PERSON WITH                         10       SHARED DISPOSITIVE POWER:                      -0-

-------------------------------  ---------------------------------------------------------------------------------------------------
              11                 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:                     1,384,985

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              12                 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:                       [_]

-------------------------------  ---------------------------------------------------------------------------------------------------
              13                 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):  18.6%

-------------------------------  ---------------------------------------------------------------------------------------------------
              14                 TYPE OF REPORTING PERSON:                                                          CO

-------------------------------  ---------------------------------------------------------------------------------------------------


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Item 1. Security and Issuer.
        -------------------

           This Statement constitutes Amendment No. 5 to the Statement on
Schedule 13D (the "Schedule 13D") filed by Leucadia National Corporation
("Leucadia") relating to the common stock, $0.01 par value per share (the
"Common Stock"), of International Assets Holding Corporation, a Delaware
corporation (the "Issuer"). The address of the principal executive office of the
Issuer is 220 East Central Parkway, Suite 2060, Altamonte Springs, Florida
32701. Unless otherwise indicated, all capitalized terms used herein have the
meaning ascribed to them in the Schedule 13D.

Item 3. Source and Amount of Funds or Other Consideration.
        -------------------------------------------------

           On January 24, 2006, Leucadia purchased in a private transaction
75,000 shares of Common Stock at a purchase price of $8.50 per share. Leucadia
acquired the shares of Common Stock using its working capital.

Item 5. Interest in Securities of the Issuer.
        ------------------------------------

           (a) As of January 24, 2006, Leucadia beneficially owned 1,384,985
shares of Common Stock, representing approximately 18.6% of the outstanding
shares of Common Stock based on the 7,457,253 shares of Common Stock outstanding
as of December 16, 2005, as reported by the Issuer in its Annual Report on Form
10-KSB for the fiscal year ended September 30, 2005.

           By virtue of their ownership of Leucadia common shares and their
positions as Chairman of the Board, and President and a director, respectively,
of Leucadia, for purposes of this Schedule 13D, Mr. Cumming and Mr. Steinberg
may be deemed to share voting and dispositive powers with respect to the shares
of Common Stock beneficially owned by Leucadia and therefore may be deemed to be
beneficial owners of all of the shares of Common Stock beneficially owned by
Leucadia.

           Except as set forth in this Item 5(a), to the best knowledge of
Leucadia, none of the other persons identified pursuant to Item 2 of the
Schedule 13D beneficially owns any shares of Common Stock.

           (b) Item 5(a) is incorporated herein by reference.

           (c) Except as otherwise described herein, none of the persons
identified pursuant to Item 2 of the Schedule 13D has effected any transactions
in Common Stock during the past sixty days.

           (d) Not applicable.

           (e) Not applicable.


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                                    SIGNATURE
                                    ---------

           After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete and
correct.

Dated:  January 26, 2006



                         LEUCADIA NATIONAL CORPORATION


                         By: /s/ Joseph A. Orlando 
                             ---------------------------------------------------
                             Name:  Joseph A. Orlando
                             Title: Vice President and Chief Financial Officer











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