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You may have
read in the pre-Budget report on 6 Dec, 2006 that the Chancellor
(Gordon Brown) has imposed a 70% tax on assets in Alternatively
Secured Pensions (ASP) that are passed on to dependants on
death. This is on top of 40% inheritance tax (IHT), making an
effective rate of 82%.
In this
months International Adviser magazine, Richard Leeson of
Prudential International said that this makes offshore bonds an
even more attractive option due to their inherent flexibility.
This includes being able to split ownership with a spouse,
assign it to children, not being required to buy an annuity and
being able to make withdrawals or surrender the bond in a
country with lower taxes.
He continues
that, whilst there is no tax relief on payments into offshore
bonds, there is virtually tax-free growth and those returning to
the UK can take 5% tax-deferred withdrawals so offshore bonds
should be the preferred method of providing an income and
inheritance tax planning for British expatriates.
How can
Candour Consultancy help?
If you are
looking to return to the UK in the foreseeable future, or you
are looking to draw an income in the UK from the money you save
whilst an expatriate, it is important to set up an offshore bond
as soon as possible.
Candour
Consultancy advise on a wide range of offshore bonds which are
accessible with savings as low as £10,000 (US$ 15,000) and offer
the facility to draw an income (or lump sum of up to 85% of the
bonds value) from day one. Additional ad-hoc lump sums
can be added at a later date.
To request further information on the structure, uses and
benefits of offshore bonds or to request a meeting with one of
our consultants to discuss offshore bonds in person, just
click here to provide us with your preferred contact details
and a brief indication of how we can help.
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