UK insurer Norwich Union has launched a new open architecture offshore investment bond which can be used to reduce liabilities to inheritance tax.
Premier Portfolio is available to new business from January 31, 2006 and launches with access to more than 1,500 funds pre-approved by Norwich Union International. The investment bond can also be combined with a new trust, the Estate Protection Trust, to reduce a potential inheritance tax liability.
Clive Witter, chief executive of Norwich Union International said, The launch of Premier Portfolio opens a new market for us. We recognize that many of today’s investors need a wide choice of funds when it comes to making investment decisions. So we’re delighted to have answered the needs of investors and their advisers, by giving them a product which offers almost any fund they want.