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Understand the taxation and benefits of offshore bonds
Taxation of an offshore bond part 1 - full and part surrender
This video looks at how an offshore bond is taxed in the UK. It focuses on two types of chargeable events; final surrender and part surrenders in excess of 5%, providing clear examples for each. It also looks at planning considerations when advising which approach is the most tax efficient for a client.
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Taxation of an offshore bond part 2 - time apportionment & top slicing
This video touches on some of the additional tax considerations for both a UK tax resident and non-UK tax resident who intends to return to the UK with an offshore bond. It focuses on time apportionment, which allows any chargeable gain to be proportionately reduced by the amount of time a client has been resident outside the UK during the term of the policy; and top slicing which may assist in reducing the rate of tax charged by spreading the gain over the number of years the bond has been held.
Taxation of a personal portfolio bond
This video focuses on Personal Portfolio bonds (life assurance and capital redemption bonds) and how tax is charged on deemed gains. This charge is for policyholders who are UK resident individuals, UK resident settlors or UK resident trustees (where the settlor is not UK resident or has died).
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Rachael Griffin FPFS TEP - Chartered Financial Planner Head of Trusts & Technical Solutions | Old Mutual Wealth
Rachael provides tax and technical guidance for the development and maintenance of our financial planning solutions to the UK, expatriate and international investors. This incorporates a product and trust range which covers markets as diverse as the UK, Middle East, Far East, Latin America and South Africa... Read more
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