“Offshore Bonds” are an investment wrapper set up by a life insurance company in a jurisdiction with a favourable tax regime, such as the Isle of Man or Dublin.
Consider this: if you invested £1 and doubled it up every year, what would it be worth in 20 years’ time if no tax was deducted each year? You may be surprised to hear it would be worth £1,048,576!
However, if that same investment suffered 20% tax each year (equivalent to basic rate tax), it would be worth just £127,482! And if it suffered 40% tax each year (equivalent to higher rate tax), it would only be worth £12,089!
So the first thing an offshore bond offers is tax-efficient planning. And remember ‘gains’ from offshore bonds are treated as ‘savings income’
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