QNUPS (Qualifying Non-UK Pension Schemes) were introduced in 2010 as part of some amendments to UK Inheritance Tax regulations. Whilst a QROPS can satisfy your need to transfer your existing UK pension benefits to an overseas arrangement, a QNUPS pension provides some very powerful and flexible tax planning benefits for you if you have investable wealth outside of an existing pension arrangement.
If you are looking to make additional retirement planning provisions it’s possible to immediately shelter these pension assets from both UK inheritance tax and local succession taxes.
Furthermore, if you were to return to the UK the pension assets held under a QNUPS pension arrangement (subject to certain conditions being met) would remain outside of your UK inheritance tax net. The UK Government has considered removing the tax benefits in previous budgets for new scheme entrants but hasn’t done so yet.
Speak directly to a QNUPS specialists about your expat retirement planning needs. Whilst a QNUPS arrangement provides a very tax efficient vehicle for wealth planning, much depends on your personal circumstances, therefore you should seek professional advice, before considering this option.
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