Legal and General chief backs offshore bonds

Offshore bonds should be considered by anyone who fears they may lose control of access to their savings, according to a leading tax expert.

Mark Green, head of tax and estate planning with Legal & General, highlighted the benefits of offshore bonds following research by the financial services firm.

A study by the firm showed 50 per cent of those surveyed under the age of 50 would like to learn more about tax mitigation after discovering the extent of inheritance tax charges on earnings.

Since April 2009, any inheritance over £325,000 has been eligible for the tax, meaning many people will end up losing a substantial amount of their earnings.

But despite this, Mr Green revealed that the new survey also highlighted that a surprising number of people avoiding investigating tax options because of concerns over control.

"Less than one in ten (nine per cent) people in our survey claimed that the reason for putting off taking action is concern that they might lose control of access to their money as they grow older," he said.

Despite this, Mr Green had plenty of suggestions for anyone looking to avoid these tax charges noting that "offshore bonds could be considered in many cases".