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In message , John Smith writes

There are 'funds' as such but I was thinking of an offshore life bond because you take up to 5% per annum of the initial investment back until youve withdrawn 100% of the original investment without any further taxation.

I've been offered these by IFAs in the past... As the bulk of the benefit is in the ability to spend 20 years drawing out 5% of the initial investment per year, is it worth taking the risk on a legislation change over such a long period? What is the fallback position? For example if ISAs were abolished the hit would (almost certainly) be CGT on future gains, no more than that.

In message , John Smith writes

Undoubtedly tax legislation will change, but on that basis we wouldnt invest in anything except UTs. But if it changes then you can get out.

Dont forget that interest is still paid tax free as well, and that would be lost.