The Value of QNUPS
QNUPS or Qualifying Non UK Pension Scheme is a type of overseas pension scheme, which is exempt from the UK Inheritance Tax. Settling down offshore after retirement has always been a nightmare for anybody entitled to a UK pension fund. The development of overseas pension schemes like QROPS enabled UK expats to transfer their UK pension funds to foreign locales and escape from the clutches of UK tax regulations. However, these pension schemes were not protected from the UK Inheritance Tax. In such a situation, in the event of your death, all your assets and property would have been subject to UK Inheritance Tax before they could be inherited by your family.
Presently, if you are a single person and your estate is valued in excess of £325,000, 40% inheritance tax shall be levied on any amount above the £325,000 limit, before it passes on to your beneficiaries. In case of civil partners and married couples, though the bar is a bit higher, yet the inheritance tax is very much applicable. Here, QNUPS was developed as a pension scheme that allowed retired UK expats to put money into the fund and protect it from the purview of the IHT.
QNUPS is of advantage more to the beneficiaries than to the owner of the pension scheme. If your assets are likely to be in excess of the UK Inheritance Tax threshold, then by putting money into the QNUPS pension scheme, you ensure that your assets would be exempt from the IHT. With no maximum age limit for putting money into the fund and no limit on the amount of money you can put into the fund, it can provide you considerable IHT savings.
Free from Capital Gains Tax, the value of the savings available from QNUPS investments will depend on the rate at which one is liable to pay the tax. With new regulations raising the rate, the higher taxpayers stand to gain more from this pension scheme. It also offers flexibility of investment. All your assets including your residential property can be invested, and the benefits can be taken in the currency of your choice.
With the rising popularity of QNUPS, more and more professional firms are offering the schemes at competitive rates. In case of a larger firm, you may receive a discount on the fees. However, it all depends on the scheme you choose, and the level of complexity involved. Selecting a qualified professional advisor, you can get to know all the intricate details about the scheme and the associated liabilities. Yet the best part of QNUPS [http://www.qnups.net/] is that it is exempted from local wealth taxes and also inheritance tax in the event of your death.
Presently, if you are a single person and your estate is valued in excess of £325,000, 40% inheritance tax shall be levied on any amount above the £325,000 limit, before it passes on to your beneficiaries. In case of civil partners and married couples, though the bar is a bit higher, yet the inheritance tax is very much applicable. Here, QNUPS was developed as a pension scheme that allowed retired UK expats to put money into the fund and protect it from the purview of the IHT.
QNUPS is of advantage more to the beneficiaries than to the owner of the pension scheme. If your assets are likely to be in excess of the UK Inheritance Tax threshold, then by putting money into the QNUPS pension scheme, you ensure that your assets would be exempt from the IHT. With no maximum age limit for putting money into the fund and no limit on the amount of money you can put into the fund, it can provide you considerable IHT savings.
Free from Capital Gains Tax, the value of the savings available from QNUPS investments will depend on the rate at which one is liable to pay the tax. With new regulations raising the rate, the higher taxpayers stand to gain more from this pension scheme. It also offers flexibility of investment. All your assets including your residential property can be invested, and the benefits can be taken in the currency of your choice.
With the rising popularity of QNUPS, more and more professional firms are offering the schemes at competitive rates. In case of a larger firm, you may receive a discount on the fees. However, it all depends on the scheme you choose, and the level of complexity involved. Selecting a qualified professional advisor, you can get to know all the intricate details about the scheme and the associated liabilities. Yet the best part of QNUPS [http://www.qnups.net/] is that it is exempted from local wealth taxes and also inheritance tax in the event of your death.
