Offshore Savings Account

Gifting surplus income in a tax efficient environment

Not everyone will have surplus income, but for those who do it is important to make sure this is invested as tax-efficiently as possible and make sure the money that you build up can be passed onto future generations, or be used to help them get a good start in life.

The Offshore Savings Account from Canada Life International allows you to save regularly, using the tax benefits of an investment from a provider based on the Isle of Man. Coupled with a suitable trust this could mean that the money you save regularly is not included in your estate when you die, allowing you to pass on more to your chosen beneficiaries.

The Account is also flexible enough to allow you to vary the amounts you save and add lump sum amounts as and when they become available.

• 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.
• The ability to vary the amount being paid, giving flexibility as and when circumstances change.
• Unlimited free switching between the funds available.
• As UK tax may apply when bringing any profits onshore, there is flexibility when the trustees want to pay money to a beneficiary of the trust.

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.

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

The value of investments can fall as well as rise and you should speak to a professional adviser to ensure that any investment is suitable for you.

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