QNUPS Tax Benefits

QNUPS Tax Benefits

QNUPS unlike QROPS doesn't need a DTA or "Double Taxation Agreement" to be signed between the destination country and the UK. This implies that the scheme is free from any reporting with the UK HMRC. However, in certain countries there is a TIEAs or "Tax Information Exchange Agreements" which enables the authorities or taxman to share investment information of clients to find out any fraudulent activity. Unlike certain inheritance tax saving retirement schemes, it provides protection of funds from IHT as soon as the cash or asset contribution gets transferred. In the event of any worst case scenario right after the setting up of the scheme, the heirs or nominees of the funds or assets can take it out without doing any death duty. This is a striking difference between this scheme and some other overseas schemes that are in operation in the market because in other schemes the fund is only safe and secure from inheritance tax but that too after seven years from the date of setting up the fund.

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