Moving Managed Fund from Isle of Man to UK bank account

jsmac

Hello,

My mother has a small STG Balanced Managed Fund in the Isle of Man that was opened when her parents' house was sold in the early 90s. She lives in Canada and so doesn't have a UK bank account.

She would like to close the fund and transfer the money to me as an inheritance gift so that I can put it towards the deposit on my first property.

The company that manages the fund says that they cannot transfer it to anyone else other than the policy holder and since she does not have a UK bank account we are left in a bit of a quandary.

Does anyone have any advice as to how we can navigate this process? It seems crazy that she is not allowed to simply transfer the fund to me especially since I am the sole beneficiary in her will.

Moreover, are there any mainland UK banks that will allow us to open a joint account without her actually having to be in the branch in person?

Many thanks.

Pincher

Quandary as in if she gets the money in her account in Canada, she will have to declare it when they ask, and the Canadian tax man will want some back taxes?

Joint account in the UK?

Change the investment into joint names?

jsmac

Hello,

For some reason the forum posted three versions of the same post. The one you replied to was not complete. I have now edited the post so that all of the information is there.

Opening a joint account in the UK and/or transferring the fund jointly into our names is our quandary.

Clearly, she would prefer to not have to pay taxes in Canada on money that she intends to gift to me as inheritance and which will be transferred back to the UK. This isn't about not wanting to pay tax. If tax needs to be paid then it will be paid in the UK. The problem is that our efforts in getting the money to a UK bank account are being stymied by her not living here and so not being able to open a bank account.

Many thanks.

bigadaj

Can she open an account in the Isle of Man and work form there?

I opened an account when I worked in Hong Kong twenty years ago, so it wouldn't require her presence just depends on who has representation where and what they might need in terms of Kyc, money laundering and other checks in these more suspicious times.

jsmac

Thank you for your suggestion.

As I mentioned in my other post (I don't know why I have three identical posts) this isn't something that we considered but perhaps should look into.

Do you have any recommendations or suggestions of an account that would be appropriate?

Thanks, again.