Basic Facts about QNUPS

Basic Facts about QNUPS

Basic Facts about QNUPS

A qualifying Non UK Pension Scheme is in short called QNUPS. If you are desirous of investing in such schemes, you ought to know what it is all about and whether it is truly beneficial to invest in them. For this you must be aware of some basic information and facts regarding such schemes. This pertains to those overseas pension schemes which are exempt from UK inheritance tax (IHT). Introduced by the UK government in 2010, it aims at providing investors an opportunity to put together their IHT savings into their retirement planning.

In QNUPS, the word qualifying implies that the offshore scheme must comply with the requirements laid down by HMRC that are applicable for schemes not subjected to tax on inheritance. Available to UK residents or those residing abroad who have retained their UK domicile and who are above the age of 18, this scheme helps in relieving your estate's prospective inheritance liabilities post retirement. The main attraction of QNUPS is that it is not liable to inheritance tax liability. This typically means that if you want to pass on your assets to your heirs, it can be done easily without any kind of liability.

There are other benefits of QNUPS as well. Even money and assets which have not been earned through your employment can be invested in such offshore pension schemes. There is no such thing as lifetime contribution and you can make an investment into this scheme at whatever age as there is no maximum age limit. Practically anything and everything can go into QNUPS. It even considers residential property and possessions that are mostly connected to retirement funding. Even antiques and fine wines that are not usually associated with pensions may also be accepted by such schemes.

The increase in rate of capital growth tax liability or CGT that is relevant to higher rate taxpayers does not apply to such schemes. The assets invested in such qualifying non UK pension schemes are free from CGT. This means the benefits from the capital growth of such assets can be enjoyed in totality when your family inherits them.

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