This exciting new pension provision arrangement was introduced
by Revenue and Customs (HMRC) only recently. It enables British
expats to enjoy tax savings in their country of residence and on UK
inheritance tax, together with other advantages.
This scheme has great flexibility - for example, there is no
maximum age for investing and you can continue to add funds for as
long as you wish. You are free from a maximum contribution
limit.
This recent scheme gives more potential for wealth preservation
for retired British expats than anything preceding it. It can be
effective in avoiding tax in a range of countries and can bypass
taxes on wealth and succession. It is also free from UK inheritance
tax on the death of the fund holder, even if you are domiciled
there.
Drawn down can begin from 55 or it can be deferred up until 75
years and can be taken in the currency of your choice.
Appointed trustees have no obligation to supply Revenue and
Customs with any reports or details, unless you have made transfers
from other UK pension plans. The advantages of QNUPS is possible
once the holder has been a non-UK resident for five complete tax
years and any UK pension fund has been transferred to a QROPS.
Andrew Metcalf
Director, Financial Services
"When it was recently announced that QNUPS were exempt from UK inheritance tax, there was a great deal of interest in them, but what should also be remembered is that they can be used also be used for effective retirement planning on their own."
Phone Andrew on+44(0) 1481 739970
Email Andrew