Offshore insurance bonds
Offshore insurance bonds are clearly about to become one of the most important tax planning tools available for UK residents, or those planning to return to the UK, in which to hold their personal wealth.
By "offshore" we mean bonds issued in such places as the Isle of Man, Ireland or Luxembourg. CGT is not applicable to insurance bonds the proceeds of which are only ever subject to Income Tax, and if structured correctly they uniquely enable UK residents to decide:
- WHETHER to pay tax
- WHEN to pay tax, and
- HOW MUCH tax to pay.
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