Qnups Protecting Your Legacy

Introduced by the UK government in February 2010

, QNUPS is an overseas pension scheme which protects the policyholders legacy from the UK Inheritance Tax net. Previously, there were offshore pension schemes like QROPS, which allowed people with a UK pension to transfer their assets to these overseas schemes to escape the UK tax regulations. But, these schemes were not immune to the IHT.

Even if a person became a resident of a foreign country, his assets were subject to the UK Inheritance Tax as long as he was domiciled in UK. The only option to avoid IHT was to change ones UK domicile status, which is not the same as becoming a non-UK resident, and is a very difficult and complex process in itself. Here, QNUPS known as Qualifying Non UK Pension Scheme was designed to shelter your assets from the IHT so that your entire savings could be passed on to your heirs free from any tax. Based on the HMRCs regulations, QNUPS can be set in any country even those who have not signed a Double Taxation Agreement with the UK. This widens the reach of the pension scheme and enables UK expats to access it from a larger number of countries. Additionally, even if an expat decides to return to the UK within five years, the IHT exemption continues.

QNUPS being different from other pension schemes, allows people who are domiciled in UK, not only to transfer their lifes savings to their beneficiaries without any tax cut but also provides several other benefits. Unlike other schemes, you can start saving with QNUPS while working itself. With no maximum age limit, it allows people to keep on adding to their pension fund as long as they want to. Under QNUPS your legacy is not limited only to the amount earned through your employment, but any kind of funds can be put into the savings. The scheme even accepts residential property and all other kind of assets which are not included in other retirement programs.

Again, with no maximum limit on the amount you put in, your savings can be unlimited. An income can be obtained from the pension scheme once the policyholder reaches the age of 55, before which loans can be obtained.

With the UK government announcing a rise in the rate of the Capital Gains Tax, higher rate taxpayers can now save their assets from the tax and can pass on their savings to their beneficiaries in full. A QNUPS also avoids local wealth taxes along with succession taxes.

by: QROPS

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