Last month I touched on the difference for a UK resident non domicile being taxed on a remittance or an arising basis. This month I intend to look a little deeper into this subject, and how one winner in the recent budget was the offshore bond providers.
Clearly the offshore bond is not the universal panacea and there are potential drawbacks for the investor: the most significant objections appear to fall in the area of investment restrictions. This highly personalised bond legislation places restrictions on investments while the owner of the bond, the recipient of the funds/income or a named beneficiary if written under trust is resident in the UK These regulations prohibit among others: a. Individual stocks and shares; b. Physical property; c. Currency trading. For most clients these restrictions may not appear too great a ...
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