QNUPS

Qualifying Non-UK Pension Scheme

Expatriates who have any assets for which they do not want to get taxed by the HMRC should transfer them to a Qualifying Non-UK Pension Scheme (QNUPS) as soon as possible. Every UK expatriate should consider a QNUPS as to do nothing will prove very expensive! WHY? Simply because any assets in QNUPS are not liable for UK inheritance tax. This means that the 40% of your assets that would have been paid to HMRC in Inheritance tax can be passed onto your loved ones.

On February 15, 2010 a new legislation was passed by the HMRC that is gaining increasing favour with thousands of British expats worldwide. Qualifying Non-UK Pension Scheme (QNUPS) lets you save on taxes in your country of residence. QNUPS Pensions offer Huge IHT and Tax Advantages for High Income Individuals.

QNUPS is not only for retired pensioners, it is available for ALL expatriates. There is no maximum age, nor a maximum amount a person may put into a QNUPS

Who can qualify for a QNUPS?

  • Anyone over the age of 55 significant amount of assets
  • Anyone with substantial assets and wants to avoid substantial IHT tax advantages
  • Anyone who wants these assets to grow in a tax-efficient pension
  • Anyone who wants to draw an income or lump sum from the pension during their lifetime

You can transfer substantial contributions like cash, assets or family wealth (subject to your status) into the QNUPS and there is no absolute limit on contributions into your QNUPS, as long as it is funded by an individual and not an employer.

We provide our clients with a high level of service and confidentiality. We can save you money and conduct your business at minimal cost to yourself, if you are prepared to sign a relevance of letter of Authority so we can act upon your behalf.

What are the advantages of a QNUPS?

  • QNUPS protects you and your heirs from IHT (Inheritance Tax)
  • QNUPS are not subject to UK Pension Sharing Orders on Divorce
  • A Broad spectrum on investments can be held within a QNUPS
  • No maximum age for investing
  • No maximum limit
  • Helps avoid both local wealth taxes and inheritance tax;
  • You can have both a QROPS and a QNUPS
  • No Lifetime Gift charge
  • Higher returns with greater investment flexibility and choice

What if I want to withdraw money from QNUPS?

  • From age 55 you can take up to 30% as a lump sum paid without deduction of any tax
  • If you need cash before age 55 you can take out cash generally tax-free as a loan

QNUPS Succession Benefits

The biggest advantage and benefits of QNUPS is that they are exempt from UK IHT on the member's death. If you are a UK expat and if you remain UK domiciled you are subject to IHT at 40% of your worldwide estate. In the event of death 40 per cent tax comes as a major shock to your family if you are the breadwinner. Having a QNUPS you can draw an income or receive a lump sum during your lifetime then pass on the remainder of your funds to heirs on death FREE from inheritance tax. A QNUPS offers these and many other advantages for Brits retiring abroad.


Contact us for more info.