Time Apportionment Relief
Ssasquatch
Member
Hi all,
I am looking into the possibility of an offshore bond for a client who is resident abroad - not a subject I have much experience with! They have been gifted the money from their parents who are UK resident. They are not likely to need to access it for several years, and hope to invest it to retain value until they return to the UK to buy a property and settle.
Could, in theory, this client set up an offshore bond and surrender it upon return to the UK, claiming TAR and therefore having essentially no tax to pay on surrender? The situation seems a bit too good to be true, and I wasn't sure whether there may be tax to pay in their current residency for the gain over the period the client has spent living abroad?
Thanks!
Comments
Where does your client live?
Is it too late for the parents to set up the offshore bond in trust?
Turkiye! From the notes I've been given by the adviser, I believe the gift has already been made.
Is the adviser authorised to advise Turkish Resident UK Nationals?
Or qualified to advise on gifting to non resident UK nationals!