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In September 1998 our client’s company set up an offshore funded unapproved retirement benefit scheme (FURBS) pension trust for her since which time the funds have been fully invested in an offshore bond. No funds have either been taken or added since its inception.
Our understanding is that on our client’s demise the total fund is to be paid to her adult children who are British and who live and work in the UK.
Can Taxation readers advise me as to the income tax inheritance tax and capital gains tax consequences on the release of these funds by the trustees on our client’s demise and are there any other matters that we should be aware of?
Query 17 391 – Foster
Reply by Ferbie
It seems from the questioner that a FURBS scheme (a funded unapproved retirement benefit scheme) was set up in 1998 with one contribution.
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