The QNUPS (Qualified Non UK Pension Schemes) were initiated by the government of United Kingdom on February 15, 2010
. They have formulated a pension plan or retirement plan where you can put in your entire wealth. The schemes validate that definite pension systems are out of the UK Inheritance Tax web.
Once you have relocated your belongings to the QNUPS, the assets are excused from the IHT, irrespective of your residential position. The other advantages you get are:
It helps you evade the local wealth tax.
It lets you keep away from local succession laws and succession taxes.
Thus, when you die, you can leave your property to any successor you wish without the danger of losing much in the system of taxation.
Some of the benefits of this retirement policy in relation to IHT evasion are discussed here. There is no upper limit as far as keeping your assets in the QNUPS is concerned. There is no age bar imposed on the contributors. You can start contributing while you are still working. You can go on adding to your scheme as long as you wish to. You qualify for it even if your income is not brought in by you through your job; you can make your investment from possessions you have attained in any manner. It is not mandatory that QNUPS have to be grounded in countries that are part of the Double Tax Agreement plans with the UK; you have a wide range of choice in countries and offshore matters.
All these aspects make the QNUPS very flexible and convenient for not only the beneficiaries but also for the ones who contribute. The greatest advantage that it has over QROPS is that the restrictions related to investment in case of the latter are eliminated.
Inheritance tax is very disliked among the people of the UK. It is a much-debated concept that is not believed to do justice to the hard-earned wealth of the middle class people. However, with the introduction of the QNUPS, the snares of the taxman can be avoided to a great extent. This new implement from the house of HRMC offers considerable tax-saving opportunities. It is one of the foremost offshore pension plans of current times.