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...more
Planning an offshore retirement has been made easy with QNUPS. For anyone with a UK pension, retiring overseas has been more of a headache with the host of UK tax regulations. Even with the protection offered by schemes like QROPS, the assets of the expats domiciled in UK were subject to the UK inheritance tax. QNUPS or Qualifying Non UK Pension Schemes were introduced by the HMRC to provide opportunities to the British expats to plan their taxes...more
The reason for the launch of QNUPS in February 2010 is due to failure of the taxman in the previous legislation, QROPS, which failed to provide guidelines about the UK IHT or Inheritance Tax exemption. Initially, when the UK government launched the legislative framework for pension simplification, which came in 2006, they failed to notice that some Offshore Pension Investment schemes were already enjoying UK IHT or Inheritance Tax exemptions. This uncertainty about the Tax structure and its exemption were really confusing until the Offshore Pension Investment scheme called QNUPS came into force. Introduction of QNUPS was a major milestone and it laid the rules and regulation regarding the Tax exemption policies. In 2010, the treasury or the HMRC made it clear that QNUPS is exempted from UK Inheritance Tax. People opted for QROPS previously to get income tax exemption, but Qualifying Non UK Pension Schemes is different and much wider in terms of definition than QROPS and other overseas retirement schemes. QNUPS unlike QROPS doesnt 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...more
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Doing tax preparation can be complex, cumbersome and time consuming and Meade Accounting and Taxation [Meade Tax Help] removes those concerns by expediting tax preparation in Richmond Hill and other areas. Their tax preparation services enable clients to comply with tax laws that result to cost savings and peace of mind. Meade Tax Help achieves...more
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