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Onshore and offshore bonds are single premium, non-qualifying whole of life assurance contracts. They can bring some useful tax advantages to the investor.
There is a lot of confusion about offshore funds. Off shore bonds are sometimes viewed with scepticism and the idea that they are designed for tax evasion. This is not the case.
The Bonds we use are typically provided by large mainstream UK Insurance companies, who volunteer themselves and their offshore bonds into the FSCS compensation scheme. This means that policyholders are then offered exactly the same excellent regulatory protection as they are with an Onshore Bond.
Offshore bonds are domiciled outside of the UK, typically in places like the Isle of Mann or Jersey. Since offshore bonds can be domiciled in various different tax jurisdictions, carefully choosing the provider and location of your bond is important as this will dictate many of the rules surrounding taxation and access.
The tax implications depend very much on your tax position, not that of the fund. It is perfectly common for a fund to be exempt from any taxes in the country in which it is based, but for you to be fully taxable on any income, profits or gains that the fund makes, either as it makes them or when you take them.
Ginny provides a very personal service completely tailored to what we need. She establishes exactly what we require and then provides clear, logical and honest advice. She has an ability to explain some complex financial concepts in an easily understandable manner.