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Advantages of QNUPS for retired British Expatriates
Qualifying Non-UK Pension Schemes, or QNUPS, are a new tax planning opportunity for retired British Expatriates, and allows retired expatriates to continue to put money into a pension scheme.
The advantages of QNUPS for retired British expatriates:
- As a pension scheme, a QNUPS is very tax efficient in most countries as it can avoid both local wealth taxes during your lifetime and succession taxes on your death.
- A QNUPS also avoids local succession law, so that you are free to choose exactly who inherits your money and in what shares.
- Income can be taken from age 55 (after 6th April 2010) or it can be deferred as it does not need to be taken until age 75. In certain countries it can be paid in a manner where a significant portion can be paid to you tax free.
- When income is taken it is drawn down from the fund, thus leaving your scheme assets invested. Otherwise the assets grow free from tax.
- On death the value of the QNUPS will be exempt from UK inheritance tax and local succession taxes.
- A QNUPS offers considerable investment flexibility and choice. Furthermore your assets can be invested and any benefits taken in a currency of your choice, giving you the opportunity to remove currency risk.
- The trustees of a QNUPS have no reporting obligations to HMRC unless the scheme also holds any assets transferred from an authorised UK pension scheme. You can have both a QROPS and a QNUPS.
QNUPS and UK inheritance tax
A QNUPS will escape UK inheritance tax even if you are a UK domicile. You do not have to wait seven years to avoid the tax or have to give the assets away, so you and your spouse/partner can continue to benefit from the assets.
With our UK and overseas taxation expertise and in depth knowledge of UK pension schemes we can help you use QNUPS to significantly improve your personal tax position on your investable wealth.
Download the Blevins Franks Guide To UK PENSION OPTIONS AT RETIREMENT or contact us now to find out how much tax we can save you on your wealth and pensions.
TAX IMPLICATIONS OF MOVING TO FRANCE UK-FRANCE TAX TREATY FRENCH WEALTH AND ESTATE ISSUES UK-SPAIN TAX TREATY
ABOUT QNUPS ADVANTAGES OF QNUPS QROPS FRANCE QROPS CYPRUS QROPS ITALY QROPS PORTUGAL QROPS SPAIN
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