Scottish Life International introduces Probate Trust for non-UK domiciled market
Friday, 20 July 2007
Scottish Life International has introduced the Probate Trust, a draft trust specifically structured to enable non-UK domiciled investors to avoid Isle of Man and UK Probate.
The Probate Trust is intended for non-domiciled investors who will remain so. If used by a UK-domiciled investor, there will be an IHT chargeable transfer on establishment/addition of assets.
Gerry Brown, Technical Manager at Scottish Life International commented:
"As our markets expand further, the purpose of these trusts is to help our internationally domiciled investors avoid the sometimes lengthy task of getting Probate: the Probate Trust avoids this delay for non-UK domiciles. The trust can also be used as a flexible tool for controlling and keeping wealth within the extended family."
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For further information please contact:
pressoffice@sli.co.im / 0131 456 6031 or
Scottish Life International
Gerry Brown
Technical Manager
Tel: 0131 456 6024
Mobile: 07919 170 386
gerry.brown@sli.co.im
Editors Notes:
Scottish Life International was launched in 1996 and is now part of the Royal London Group. The company has grown rapidly in size and now has funds under management in excess of £742m / $1.45bn from investors in the UK and around the world (as at 31 March 2007). Scottish Life International is based in the Isle of Man, where it is supervised by the Isle of Man Government Insurance and Pensions Authority.
Scottish Life International is a member of the Association of International Life Offices (AILO) and sponsors IFA Promotion (IFAP), which supports the need for independent financial advice.
Holders of policies issued by Scottish Life International Insurance Company Limited, based in the Isle of Man, will not be protected by the UK Financial Services Compensation Scheme if the company becomes unable to meet its liabilities to them.
Policyholders will however be protected by the Isle of Man Life Assurance (Compensation of Policyholders) Regulations 1991.
Royal London Group is a specialist financial service provider. Its businesses focus on those sectors of the market which value premium propositions, operating through a number of brands:
• Scottish Life - UK pensions market
• Bright Grey - UK protection market
• Scottish Life International - offshore investment markets
• RLAM - fund management
• RLAS - life and pensions administration
Royal London is one of the stronger life and pension companies in the UK and has a particularly strong track record for with profits performance.
Royal London is the largest mutual life and pensions company in the UK with Group funds under management of £31.5bn / $61.8bn. Group businesses serve around three million customers and employ 2,610 people. (Figures quoted are as at 31 March 2007.)
The draft deeds are available as specimens only. Details are based on Scottish Life International's current interpretation of UK taxation law and practice which may be affected by affected by future changes in UK legislation. Specialist tax and legal advice should be taken before any tax strategy is implemented.
Issued by Scottish Life International Investment Group Limited, a Royal London company which is authorised and regulated by the Financial Services Authority. Registered in Scotland number 166387.
Registered office: 19 St Andrew Square, Edinburgh EH2 1YE.