Scottish Life International introduces Excluded Property Trust for non-UK domiciled market
Scottish Life International has introduced the Excluded Property Trust, a draft trust specifically intended for non-UK domiciled investors.
The Excluded Property Trust can assist non-UK domiciled investors who might at some point become UK-domiciled. It will keep the trust fund (if holding non-UK assets) permanently outwith the ambit of UK inheritance tax.
Douglas Law, Scottish Life International's Head of Marketing commented:
"As international mobility increases inheritance tax will become an issue for those individuals who come to the UK with the intention of remaining resident for a significant part of their working life. The Excluded Property Trust can protect non-UK assets of such individuals from the ravages of inheritance tax.
"Advisers need to be able to offer their clients long-term planning options which can cover all eventualities. Excluded Property Trusts are sufficiently flexible to cover many possibilities and offer a tax-efficient way of maintaining wealth within the extended family."
– ENDS –
For further information, please contact:
pressoffice@sli.co.im / 0131 456 6031 or
Scottish Life International
Douglas Law
Head of Marketing
Tel: 0131 456 6031
Mobile: 07919 170 074
douglas.law@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.