QNUPS (Qualifying Non-UK Pension Schemes)
New legislation was introduced in February 2010 with the inheritance Tax (Qualifying Non-UK Pension Schemes), allowing Britons to transfer their assets into a QNUPS.
A QNUPS offers considerable advantages in comparison to owning assets personally, such as no UK Inheritance Tax upon death and no Capital Gains Tax on growth, thus maximizing your wealth. Furthermore, almost any class of asset can be transferred into a QNUPS.
QNUPS offer opportunities for inheritance tax planning as they are exempt from UK inheritance tax, and by choosing a favourable jurisdiction, QNUPS can also be arranged so that the investor’s estate does not pay any inheritance tax in the country where the scheme is based, thus 0% inheritance tax.
Upon death, the assets are Inherited Tax-free immediately and there is no 7 year qualification period required as with other types of Inheritance Tax planning, where you have to give your assets away prior to death.
Please Contact Us for an independent review of your current retirement and succession planning structures.