Old Mutual Int’l adds trust option in Singapore expats’ IHT push

Old Mutual International has launched a tailored life trust in Singapore that will be able to provide a lump sum on death to pay a UK inheritance tax (IHT) bill.

The new option is part of the Silk Life Plan that provides a flexible way to achieve a balance between access to capital and UK inheritance tax planning. The goal is to enable clients to pass on as much of their wealth as possible.

“The compelling proposition provides clients with a flexible solution that allows them to continue to access their capital while also making provisions for an UK IHT bill. While the Silk Life Plan already offered a high death benefit, the addition of the Tailored Life Trust means that beneficiaries don’t need to be worried about the burden of UK IHT,” Ian Kloss, CEO of Old Mutual International in Singapore, said in a statement.

The option helps clients pass on as much of their wealth as possible, for example to children and grandchildren, by providing a lump-sum on death to pay an UK inheritance tax (IHT) bill.

The Silk Life Plan is Old Mutual International’s – part of Quilter – variable universal life product that aims to achieve both protection and investment growth.

“Instead of cash, policyholders can fund premiums by transferring existing assets, such as private company shares, mutual funds and stocks. By placing the Silk Life Plan into the trust, two distinct elements can be paid out on death: the policy value to leave as part of an estate and the death benefit to cover any UK IHT bill,” the company added.


International Investment’s latest ezine, a special report devoted to the issues surrounding IHT, is available here.


Pedro Gonçalves
Pedro Gonçalves is Financial Correspondent at International Investment.

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