subject: Things To Consider Before Getting Qnups [print this page] The QNUPS have opened up new opportunities to the residents of UK planning to spend their retired life abroad. It is a pension scheme and stands for Qualifying Non UK Pension Scheme and is a very recent concept that was introduced in Feb 2010. This, put very simply, is an overseas pension scheme and the best part of this is the exemption of tax. But there are certain qualifying criteria for this, the most important being that it must meet the HMRC specification that will not attract IHT as it was before. There are loads of advantages that will come with the QNUPS and you are free to spend the rest of your life in the countries of hot sun and sand.
But there are certain things that must be considered before you finally want to settle QNUPS to the country of your choice. Also there are certain lists of countries that have entered into a double taxation agreement (DTA) with UK. There are plenty of programs available under these schemes and it is best to hire a QNUPS professional who knows how to deal with your unique situation and then decide what the best is for you when you are planning to spend the rest of your life offshore. It is to be noted here that there is no age limit to the process of application and are also excellent for tax savings.
But as the HMRC will keep a record of all your moves, you cannot merely use QNUPS to evade the tax, but otherwise the benefits are immense. There is no maximum limit to the amount of relief given and there are many foreign pension schemes that fall under the maximum lifetime contribution scheme. It is also to be remembered that you can make proper arrangements so that your income is not affected by the currency fluctuations and you get all your dues. It is also to be noted that in this overseas pension scheme the assets can grow and is free from the Capital Gains Tax and you will have the full benefit when you inherit them.
The QNUPS have all the possible retirement benefits that you will need to have a smooth life. The main idea for introducing it was the overseas pension schemes that were all exempted from UK inheritance tax. You also have a chance to fix all your assets in the currency of your choice to avoid any fluctuation. But the best person to guide you will be a QNUPS professional who deals with such cases every day.
