The non-qualifying life assurance policy has been around for a long time and it is a well known concept. What is perhaps changing is how aware of the tax treatment of such arrangements we need to be with such changes in legislation as the introduction of the £30,000 levy for non-UK domiciles, the removal of higher rate pensions relief for those earning more than £130,000 and the recent increase in CGT rates for higher rate taxpayers. The question is whether clients seeking long-term tax deferral should be considering such arrangements and if whether they should consider onshore or offshore versions?
