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Bloch says non-doms could boost offshore market

Offshore bonds could become a useful tax shelter for UK residents who are currently non-domiciled but do not want to pay the £30,000 flat fee, according to Helm Godfrey.

Chairman Danby Bloch says a large number of non-doms are about to become UK higher-rate taxpayers because their offshore income is not enough to justify retaining their non-dom status following the pre-Budget report changes to the treatment of non-doms.

He says non-doms who have lived in the UK for the last seven years will face a £30,000 income tax hit but unless they are earning £75,000 or more they will be better off investing in offshore bonds and repatriating that money when they leave the UK.

Bloch says: “Investing in offshore bonds will give them something that rolls up inside the fund more or less free of tax and then they jack it in when they leave the UK so it is rather a useful tax shelter for them. Not just off-shore bonds but also offshore roll-up funds. It will be a huge extension of an existing market.”


Darling to take part in TSC probe

Chancellor Alistair Darling will appear in front of the Treasury select committee as part of its inquiry into financial stability and transparency in the aftermath of the Rock debacle.

Regulation has bolstered faith in Sipps, claim IFAs

Transparency of charging and client confidence in self-invested personal pensions has improved since regulation came in.In a survey of 131 advisers conducted by Skandia, half of those questioned said transparency of charging had improved under Sipp regulation, while 43 per cent said regulation had boosted client confidence in the products.The ability to compare Sipps to […]


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