IHT on offshore bonds for Guernsey resident

I have been advised that there may be an issue with IHT due to the assets held inside an offshore bond being UK situs. The settlor and owner of the bond has lived in Guernsey for over 30 years and these bonds are based in the Isle of Man but with UK investment structures inside them. We were under the impression the bond wrapper was what made these offshore and thus not impacted by IHT but is it in fact the situs of the underlying investments?

Hi,

Please contact the Inheritance Tax team for advice:

Inheritance Tax: general enquiries

Thank you.