To mark the launch of Prudential International's Portfolio Account, Sarah Godfrey talks to Richard Leeson, international sales manager at Prudential, about what the offshore portfolio bond can offer to advisers and investors alike
Q: Given the changes to the capital gains tax regime, why have you chosen to launch another offshore bond? A: We took the decision to launch the Portfolio Account before the CGT changes were announced. Realistically, the change will have little impact on products like this, so we saw no reason to delay the launch. People buy offshore bonds for a number of reasons, not just tax. Also, the product still has a place for people with inheritance tax (IHT) planning needs - for example, through the use of a loan trust, as well as those looking to retire abroad or assign the policy to a non-tax...
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