Does anyone know anything about EFRBS?

ABR01

We are looking into EFRBS as a means of creating a pension and reducing our tax liability - has anyone got any advice? One firm who has pitched to us uses a firm in the Isle of Man to deposit the money in to as part of the scheme process. I'm a bit worried about this - my due diligence work has come to a dead end as i have been unable to credit check or get any clarification of their trustworthiness. I don't want to deposit a sum of money that i'll never see again?! Any advice greatly appreciated.

DavidLaGuardia

The Isle of Man has a well regulated finanical servcies setup with a Depositors Compensation Scheme similar to that in the UK, although while individujals recieve protection of £50,000, the limit is £20,000 for trusts. Collective investments are protected for 100% of the first £30k and 90% of the next 20k. There are some investments avialable in the UK that fall outside UK protection, so assuming this might be the case for the IOM make a point of checking that the funds you are going to be using are covered by these scheme,
It also follows that concern about any institution warrants limiting your investment with them and looking at alternatives to split larger sums over.
Lastly make sure you uunderstand the pros and cons of EFRBS and that your spedific goals are not best achieved through less esoteric schemes that may charge less. That said, there are many good reasons in the right circumstance to consider EFRBS despite the marked differences to FURBS, which they replaced.
Do you know which institutions are proposed for your funds?

corporateconsulting

Not sure if this helps - but my bosses have had me update a web site on EFRBS today. If you want to know more, I guess you could ask them to call you? try efrbs.corporateconsulting.co.uk

Mulbury_Hamilton

One should be careful when dealing with Trust companies over in the Isle of Man - undertaking due diligence is a matter of upmost importance due to the fact that in the IofM basically anybody from any professional background can set themselves up as a trust company and act as a designated trustee ! Compare this to another channel island like Guernsey and you will see what is meant by rigid financial regulation.

In Guernsey for example in order to be a trustee one must be a solicitor first of all, preferably a barrister. Thereafter, the solicitor must hold a trustee licence and this must be renewed annually. As well, the solicitor/trust company must be audited annually. Equally, all financial institutions are regulated by the FSC, the Financial Services Commission (very similar to the FSA in the UK). As well, client protection extends to 100% unlike the 90% in the UK.

Guernsey may well be a tax-haven but it is a very well regulated tax-haven!

The following link will allow you to obtain more information relating to EFRBS and how individuals/companies can dramatically reduce Corporation Tax (by up to 85%) and Income Tax (by up to !00%). There are also additional tax-mitigation schemes available which allow complete protection from IHT and potential CGT liabilities:

mulburyhamilton.co.uk/corporation-tax.html (don't forget the 3 www at the beginning)

In the meantime, anybody is more than welcome to give us a call regarding EFRBS or any other tax-mitigation scheme.

MULBURY HAMILTON GROUP Ltd
Specialists in Tax Planning, Trusts & Wealth Management

Tel : 0871 789 9988

DavidLaGuardia

Mulbury_Hamilton wrote: »

One should be careful when dealing with Trust companies over in the Isle of Man - undertaking due diligence is a matter of upmost importance due to the fact that in the IofM basically anybody from any professional background can set themselves up as a trust company and act as a designated trustee ! Compare this to another channel island like Guernsey and you will see what is meant by rigid financial regulation.

In Guernsey for example in order to be a trustee one must be a solicitor first of all, preferably a barrister. Thereafter, the solicitor must hold a trustee licence and this must be renewed annually. As well, the solicitor/trust company must be audited annually. Equally, all financial institutions are regulated by the FSC, the Financial Services Commission (very similar to the FSA in the UK). As well, client protection extends to 100% unlike the 90% in the UK.

Guernsey may well be a tax-haven but it is a very well regulated tax-haven!

The following link will allow you to obtain more information relating to EFRBS and how individuals/companies can dramatically reduce Corporation Tax (by up to 85%) and Income Tax (by up to !00%). There are also additional tax-mitigation schemes available which allow complete protection from IHT and potential CGT liabilities:

mulburyhamilton.co.uk/corporation-tax.html (don't forget the 3 www at the beginning)

In the meantime, anybody is more than welcome to give us a call regarding EFRBS or any other tax-mitigation scheme.

MULBURY HAMILTON GROUP Ltd
Specialists in Tax Planning, Trusts & Wealth Management

Tel : 0871 789 9988

This is blatant advertsing agasint forum rule and shall be reported to abuse.

I think many solicitors would also be offended by your [incorrect] assertion about the precedence of barristers in the capacity as trustees or in any legal matter other than advocacy.

It should be known that both Guernesey and IOM have their good and bad points and its about the parties that are dealt with in repect of good trust arrangement. The IOM for examaple a deposit compensation scheme. Neither of the Balliwicks of Guernsey or Jersey have this.

You have also stated that Guernsey is "another channel" island in reference to the Isle of Man. Since when was IOM in the Channel?