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QNUPS - The new tax planning product for expatriates

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Qualifying Non-UK Pension Schemes (QNUPS) were bought into force on 15 February 2010 by HMRC, creating further opportunities for British expatriates to become more tax efficient on local taxes and inheritance tax (IHT).

QNUPS, which should not be confused with Qualifying Recognised Overseas Pension Scheme QROPS, offer expatriates to continually pay money into a scheme once they have retired abroad, something that they were not entitled to with a QROPS.

As such, the main benefits of investing within a QNUPS are that:

  • There is no maximum age in which you can invest within the scheme
  • You do not need to receive income from employment to make a contribution
  • There is no maximum limit of what you can invest into the scheme

There is flexibility within the changes by the HMRC which allow someone who is over the age of 80 to put large investments into a QNUPS, creating tax efficient advantages for themselves and their beneficiaries.

With a QNUPS you are entitled to take your lump sum as you would with any other pension scheme, however, you may also accumulate your fund by investing regularly into it throughout your retirement. Upon your death the remainder of your fund will be passed on to your beneficiaries free from inheritance tax.

Qualifying for a QNUPS employs similar criteria in order to qualify for a QROPS. Income can only be taken from the age of 55 (from April 2010) and you must have already retired or plan to be retiring abroad.

Other advantages of a QNUPS scheme are:

  • It is potentially very tax efficient and in most countries you are able to avoid local wealth taxes
  • QNUPS avoid local laws on death duty, meaning you are able to choose who inherits your money
  • Assets will grow free from tax
  • You can hold both a QNUPS and QROPS but no reporting responsibilities are held unless the QNUPS scheme holds assets from both.

If you would like more information on how a QNUPS scheme can benefit you, please contact us.

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Guide to Investing in QNUPS

Visit the deVere Group - QNUPS page to find out more.

Visit the deVere Group QNUPS - Countries Available for more information related to countries.

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