Isle of Man life assurance firms see British boom

Isle of Man

The Isle of Man's offshore finance firms are seeing a large amount of business from UK residents following unwelcome new tax rules brought in by the Coalition Government, with some firms saying that Britons interested in leaving the UK are making up 90 percent of their new clients.

Offshore investment bonds are proving to be especially popular, as they give wealthy individuals good opportunities for further growth. An offshore investment bond is essentially a whole-life insurance policy, of which five percent can be taken out per year, tax free. Therefore wealthy individuals can place large sums of money into these bonds and take out a healthy amount tax free every year, there is no limit to the amount of money that can be put into an offshore investment bond.

The offshore bonds can also be useful when it comes to UK inheritance tax, as they will not be charged by the UK.

If you are interested in life assurance then consult an independent financial adviser for more information.