Offshore Savings Account

Gifting surplus income in a tax efficient environment

As inheritance tax is a tax on capital transfers, individuals can gift income and it is possible for these payments to be outside of their estate immediately.
To help demonstrate the regular nature of the gifting it is sometimes easier to use a regular savings plan and the Offshore Savings Account from Canada Life International can fit the bill.

The Account offers the tax-efficiency of an investment through an Isle of Man provider and as a life policy, can be placed into trust.  Where an individual wants to gift regular amounts but doesn’t know who to, or wants to save for a grandchild for example, a trust can be an effective option.

  • The tax-efficient growth of an investment based on the Isle of Man for a UK resident means that any growth achieved in the Account is not subject to the UK tax regime. UK tax may apply when any profit is brought back into the UK.
  • Set-up as ten identical policies – providing flexibility when clients want to take lump sums or withdrawals from their investment.
  • Can be denominated in a choice of currencies to suit the investor’s circumstances – sterling, US Dollars or euro.
  • Unlimited free switching between the funds available.
  • The ability to vary the amount being paid, giving flexibility as and when circumstances change.

The fund range available includes over 150 funds managed by Canada Life’s own award winning investment team and other well-known and respected investment companies such as Jupiter, Investec, M&G and so on.

The funds being invested in can be changed at any time without charge.

The Offshore Savings Account will appeal to UK investors looking to invest regular amounts in a tax-efficient environment with the ability to pay additional amounts at any time.

Interested in More? Why not Look At...

Delta Discounted Trust Account

For your clients who want an income and to reduce their inheritance tax liability


This website is for UK professional advisers only and is not approved for use by private customers.

Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority.

Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland.

Stonehaven UK Limited and MGM Advantage Life Limited, trading as Canada Life, are subsidiaries of The Canada Life Group (U.K.) Limited. Stonehaven UK Ltd is authorised and regulated by the Financial Conduct Authority. MGM Advantage Life Limited is authorised and regulated by the Financial Conduct Authority.