New trust product from Canada Life International

The plan combines the Dimensions Preference Account, a single-premium whole-of-life assurance policy launched in November 2007, with a bespoke discounted gift trust. The idea of the plan is to shelter assets from inheritance tax while still allowing the owner to draw an income from them. Canada Life International has chosen to use a bespoke discounted gift trust as it fears wrap trusts might fall foul of pre-owned asset tax (POAT). John Cowley, head of technical services at Canada Life International, commented: “Our product totally conforms with the POAT legislation as well as Revenue...