Novia can offer the following product wrappers:
- General Investment Account (GIA) - with gross and net
nominee structures - see below for more information
- SIPP including Group SIPP schemes
- Offshore Bond
- Cash ISA
- Stocks & Shares ISA
Nominee Structures
| Gross Nominee |
Net Nominee |
ISA Nominee |
GIA gross
SIPP (inc GSIPP schemes)
Offshore Bond |
GIA net |
Cash ISA
Stocks and Shares ISA |
Gross nominee - enables clients/corporates ,
where permissible, to hold and trade investments via the gross
nominee and receive fixed interest distributions/interest payments
on cash holdings free of tax without any further form filling.
Product wrappers available with a gross nominee structure are
SIPP, Offshore Bond and gross GIA (for appropriate
trusts/corporates).
Often other offshore bond /SIPP providers have lengthy processes
to reclaim tax (or no process at all and the tax is lost). Please
see the attached
factsheet for more information when transferring SIPP
assets.
Net nominee - provides the structure where tax
is deducted at basic rate in the usual way from cash holdings. The
net nominee is the structure used for the net GIA.
Please note - income from equity derived sources is taxed at
source (withholding tax) within both gross and net nominee
structures.
ISA nominee - Novia ISAs operate within a
separate ISA nominee structure. Monies within a cash ISA are held
on deposit and receive interest gross of tax.
Any interest distributions on assets held within a stock and
shares ISA will be paid net and any tax repaid to the client
automatically after being reclaimed by Novia.
Monies held within the Cash Facility of a stocks and shares ISA
(ie pending investment) will receive interest net of tax which
cannot be reclaimed.
