Step up Close to golden opportunities

Close Brothers Group plc was originally founded in the City of London in 1878, by William Brooks Close initially to purchase and sell land to settlers in Iowa, USA. Today, it is the largest independent merchant banking group in the UK and one of the top 200 companies by market capitalisation quoted on the London Stock Exchange. Close Brothers Group plc activities range from property finance and the provision of financial services to the Armed Forces, to the financing of light aircraft.

Close Brothers Group plc prides itself on its ability to carve a unique niche in its chosen markets and this is especially true 'offshore' where Close Private Bank is one of the most respected players.

Their roots in the Isle of Man date back to 1976, when an office was established called Rea Brothers (Isle of Man) Limited. The Isle of Man is a Crown dependency at the heart of the British Isles and is now one of the most respected international finance centres in the world with a superb regulatory environment.

Close Private Bank offers a comprehensive range of Call and fixed deposits, VISA Gold Debit Card, Foreign Exchange, Lending, Treasury Management and money transmission services. What makes Close Private Bank special is its ability to combine the 'trilogy' of investment management, trust and banking services with a view to growing and protecting your wealth for generations - all through its own specialist subsidiaries.

"Apart from the superb levels of service you can expect from a prestige private bank, we can provide a range of innovative ideas to enhance our banking products," said Richard Brindley, Marketing Director.

One of these is the offshore Employee Benefit Trust ('EBT'), offered through Close Trustees (Isle of Man) Limited. This enables companies to set aside funds for the incentive of employees through an offshore trust with tax-free capital growth.

"EBT's are an ideal way for companies to provide valued employees with tax efficient benefits, as well as 'golden handshakes, hellos and handcuffs'" explains Richard Brindley.

"The funds can be accessed at any time, while also offering the normal asset protection qualities associated with trusts. There are no PAYE liabilities or National Insurance contributions arising and payments into the EBT are not considered a benefit in kind to the employee. In fact the only time the funds become liable to tax is when they are 'repatriated' back into the UK - for example when an employee is paid a lump sum bonus". Companies can also obtain a corporation tax deduction for contributions made to an 'EBT'. If you are thinking of exploring Employee Benefit Trusts it is always advisable to get specialist tax advice and Close Private Bank have teamed up with KPMG to provide just that.

"We are delighted to be able to offer virtually a one-stop service for 'EBT's" said Richard, "and the offer of tax advice is also designed to complement your existing accounting arrangements. It means you can easily 'plug' into this superb opportunity."

Indeed offshore banking, especially in the Isle of Man, is playing an accepted role in tax-efficient wealth management for many companies and individuals alike.

If you are interested in exploring the benefits, a comprehensive provider like Close Private Bank is the best place to start.

Close Private Bank
PO Box 203, St. George's Court
Upper Church Street, Douglas
Isle of Man, IM99 1RB
Telephone (01624) 643200
Fax (01624) 622039

Website: www.close.co.im
Email: info@close.co.im