QNUPS and Retirement
QNUPS and Retirement
British citizens settled abroad are availing QNUPS nowadays post retirement. It stands for Qualifying Non UK Pension Scheme. This scheme was initiated by the UK government early in 2010. Under this plan, the British administration stated that a few kinds of pension schemes for citizens settled overseas were excused from the UK inheritance tax.
Any overseas pension plan which is in accordance with HMRC's specific criteria for the pension schemes and which will not attract IHT may be defined as "qualifying". These plans should be based abroad, and can be applicable in most countries, together with those which have Double Taxation Agreements in place with the United Kingdom administration.
QNUPS has come as a windfall to those who have retired, stay abroad, and are apprehensive about inheritance tax in the UK. This is especially true for those who wish to pass on something out of their well deserved income to their successors upon their retirement.
This is a lawful mode of reducing IHT by means of investments in various offshore pension plans. It is available extensively in various countries. It need not be located in countries that have signed a DTA (Double Taxation Agreement) with the United Kingdom. This means where there is no DTA there is no reporting requirements, so the scheme and attendant transactions are beyond the purview of HMRC. You also have a better selection of countries which can host QNUPS plans.
Pensions for retirees more often than not are used for attracting valuable tax breaks; respites and exceptions are usually made for taxes up to a certain limit based on the highest sum. QNUPS on the other hand have no such limit. There is no higher age restriction for using this plan. This plan can be availed by all non-resident British citizens staying overseas, depending on the norms of individual plans. Nonetheless, IHT benefits of exemption may only be reaped if you choose to go back to the UK within five years.
QNUPS allows speculation using funds acquired in ways other than the income earned through employment. The HMRC will be intensely examining the users' moves, as they may be eager to pounce on those exploiting this plan and its accompanying regulations in order to shun tax liabilities by using QNUPS. Expert counsel is essential to know how to use this scheme efficiently on retiring. With no guidance from professionals, you may perhaps be unable to get the maximum out of this plan.
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