Qnups Invest After Retirement
Unlike with traditional pension schemes where there is a time period within which
investments have to be made, QNUPS allows unrestricted amounts to be invested without any time limit. This way an individual can invest his inheritance into this scheme to prevent his heirs having to pay inheritance tax.
Nowadays, with life expectancy increasing considerably, quite often you come across two generations in a family who have passed retirement age and QNUPS is designed to benefit exactly this type of family. Imagine a person who retires at 55 and has an eighty year old parent still alive. When the younger person inherits the parents assets, he will have to pay Inheritance Tax on what he gets. In addition, if he subscribed to a traditional pension scheme or even an offshore fund such as QROPS, he would not be permitted to make a further investment into his fund after he retires. In addition, when his heirs inherited all the assets after his death, they would once again be subjected to Inheritance Tax.
It was with the interests of such people in mind that the UK Government amended the IHT rules in February 2010 to allow a new scheme called QNUPS (Qualifying Non UK Pension Scheme). Under this scheme, an individual can invest his retirement funds in an offshore fund that meet certain conditions. These funds are located in several countries all over the world, even in those which do not have a double taxation agreement with the UK.
The advantage of QNUPS is that it has no maximum time period during which investments have to be made. Therefore, if you come into an inheritance after you retire or want to prevent your heirs from being subject to IHT after your death, and then you can transfer your assets to this scheme even after you retire. This way, the will not have to pay any tax or death duty on what they get from you.
Unlike other schemes, there is no restriction in QNUPS that only income earned from employment can be invested. There is also no restriction in the maximum amount that can be invested. In addition, you can also transfer other high value items such as residential property to these schemes to save you heirs being taxed when they inherit it. An added benefit is that unusual items such as valuable old wine bottles and antiques can also be transferred to these funds.
Now you no longer have to try to use the seven year rule to your advantage and make a gift to your heirs much before your death so that they do not have to pay tax on inheritance. With
QNUPS, you can transfer the assets to your fund and make use of it to finance your retired life and then pass on the rest of your investment to your heirs without subjecting them to any form of taxation.
by: QROPS
Investment Making an investment one hundred and one - Commodity Alternative Investing Suggestions Different Types Of Criminal Lawyers Investing In Veneers Glasgow Checking Your Retirement Finances Tasks Of A Criminal Defence Lawyer Value Your Money By Investing on Multi- Purpose Knives! PA Divorce Lawyer Investing In Shares Is Part Of A Long Term Strategy St Louis Lawyer - The Exact Route To Justification Missouri Workers Compensation Lawyer - To Claim For Your Compensation Divorce Lawyers In Bisbee - Hire Them For Smooth Divorce Proceedings After An Accident: How A Lawyer Can Help You? January VAT Increase Could Hit Hard in Retirement