There are three main tax benefits of using offshore life assurance policies when you are considered a UK tax resident, but do not maintain ‘domiciled status’ in the UK. These include tax free investments, no Capital Gains Tax, and Tax Deferred Withdrawl Allowances.
There are specific ways that HMRC calculates taxable benefits on proceeds of insurance bonds during retirement. These include Top Slicing and Time Apportioned Relief.
Using trusts can also be a benefit to transferring wealth with reduced tax implications.