Offshore Savings Account

Saving regularly in a tax-efficient way

If you are looking to save on a regular basis, investing through an Isle of Man company can offer significant tax advantages as it allows the underlying funds to grow free of UK tax. You may have fully funded your ISA allowance or pension allowances, or may just prefer the ability to invest in a tax-efficient environment, in a similar way to pensions and ISAs.

The Offshore Savings Account from Canada Life International benefits from favourable tax treatment and allows you the opportunity to invest regular amounts and additional lump sums, as and when the opportunity arises. UK tax usually only becomes payable when any gains are withdrawn and brought back to the UK.
The Account offers a range of investment options and a choice of currencies, with the ability for you to take regular and ad hoc withdrawals.

  • 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 gives flexibility as and when circumstances change.
  • You or your adviser can change the underlying investments at any time without charge.
  • The Account can be denominated in sterling, US Dollars or euro – this can be an advantage if you are planning to move abroad and want to reduce the effect of changes in exchange rates.
  • There are flexible options when you want to take money out of the Account.
  • As a life assurance policy, the individual policies can be gifted to other people without you having a tax charge.

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 chosen funds 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, and who may have fully funded their ISA and pension allowances.

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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.