Tax Specific Solutions

Life Assurance

Recent changes to UK tax rules, mean non-UK domiciled individuals who have been UK resident for seven out of the previous nine tax years must now pay an annual charge of £30,000 if they wish to remit income and gains into the UK without their worldwide income being liable for UK tax. 

Even if you have not been UK resident for the last seven out of the nine previous tax years, there are other UK tax implications such as the loss of UK personal allowances and annual capital gains tax allowance that could affect you.

Preserve your wealth

We recognise that these changes could prove expensive for any of our clients that might be unprepared and Bank of Scotland Investment Services (BoSIS), together with Clerical Medical Insurance (CMI), have developed a product that can be an integral part of your strategy to optimise your UK tax position.

The Life Assurance Wrapper is designed to:

• Potentially shelter your offshore interest from recent UK tax changes
• Under certain conditions, still allow access to your capital of up to 5% p.a, and if this amount is not used in one year, it rolls forward.