Qnups

Many UK residents who are retiring or planning to retire in a foreign country are opting for QNUPS

. It is short for Qualifying Non UK Pension Scheme. This plan was started by the UK administration in the first phase of 2010. Under this scheme, the British government declared that certain types of pension plans meant for UK citizens settled abroad were exempt from the UK inheritance tax. The IHT used to be a big concern for most UK residents who wanted to retire abroad.

Any offshore pension plan that is in agreement with the HMRC"s precise norms for annuity plans and does not catch the attention of the IHT can be termed as "qualifying." These schemes must be based out of the country, and can be valid in the countries whose governments have a Double Taxation Agreement with the United Kingdom. These rules have been bypassed by this new scheme. QNUPS has come as a bonus for those who were concerned about inheritance tax in the United Kingdom. This is particularly true for those who hope to pass on their hard-earned wealth to their heirs after their retirement without paying a huge chunk towards taxes.

This is an officially recognized manner of lessening IHT by way of investments in a variety of offshore pension schemes. It is obtainable in various countries across the world. It does not have to be found in countries that have inked a Double Taxation Agreement with the UK government. This means that there are no reporting requirements. Thus the plan and its transactions are outside the purview of the HMRC.

Retirees typically use pension plans for getting important tax breaks.

Reprieves and exemptions are by and large made for taxes up to certain limits derived from the maximum amount. QNUPS does not have any such limits. There is no upper age constraint for utilizing this scheme. This plan may be used by all UK residents retiring overseas, subject to the regulations of each plan.

QNUPS lets retirees to invest money obtained via modes other than their employment. The range of investment options is also wider in this scheme. But the HMRC will be closely watching everyone"s moves, as they may be keen to come down on those abusing this scheme. Expert guidance is indispensable for using QNUPS effectively after retiring.

QNUPS thus, offers a good retirement scheme to those keen on investing wisely and gaining its advantages. With expert assistance, the retirees can plan their IHT benefit accordingly.

by: QROPS

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