Offshore Investments

Question:

Hi Steve

Please find enclosed a question from MyEggNest's Lump Sum Investment.

Q. My children have inherited 20k each and we don't know how to split it. At
the moment we live in Spain, but not sure how long we will be here.

Owen

Answer

Dear Owen, I have been forwarded your question from the myeggnest
website. I would really need to know a few more details about your situation
before giving advice as you'd need to be careful about the tax implications
of whatever you do, but a simple option could be to look at offshore
investments but be aware the tax is only deferred in these vehicles. So when
the money is brought back onshore that is the place and the time the
liability is calculated, however if this is done carefully tax can be
avoided. For example if you were to move back to the UK and then take the
money out before the child had significant earnings (before they reach
higher rate income tax), its unlikely any tax liability would occur. You
would definitely need more advice on this thought as its not the simplest
area and the rules keep changing all the time. I hope this helps, please
find enclosed my contact details, Steve


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Steve Weisner ~ Independent Financial Adviser ~ Radcliffe & Newlands ~ 5th Floor Crystal Gate ~ 28-30 Worship Street ~ London EC2A 2AH ~ sweisner@myeggnest.com ~ Tel (0845) 0217000 ~ Direct Tel (020) 73820437 ~ Fax (020) 73740462 www.rad-new.com

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