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Fiduciary Services
Oracle Financial Services (Jersey) Limited provide offshore services to meet the needs of local fiduciary firms operating in Trust and Wealth Management.
Oracle have negotiated excellent terms with International Insurance Companies to provide Offshore Investment bond wrappers at minimum cost to help meet the taxation and financial planning requirements of trust clients, many of whom are based in the UK and Europe. Typically these wrappers have been relatively expensive due to the high costs imposed by the insurers, however the terms negotiated by Oracle are exceptional.
These contracts are not subject to capital gains tax (as they are taxed on an income basis), and as such can remit 5% per annum of the original investment as “income” with no immediate tax liability. Tax calculations are deferred until encashment of the investment. This also means that switches between investment funds do not give rise to tax liabilities.
This is particularly relevant as changes are proposed to the UK taxation treatment of 0ffshore trusts (to take effect in April 2008), specifically in relation to clients who are UK resident but non-domiciled.
Please contact Gordon Bennie for more information.
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