New legislation now allows Brits to transfer their assets abroad into Qnups (Qualifying Non UK Pension Scheme) protecting their assets against UK Inheritance tax, capital gains tax on growth, pension sharing orders on divorce and creditors. Most assets can be transferred, property, stocks, bonds, cash, art, jewellery, etc. Let´s look at some facts:
QNUPS (Qualifying Non UK Pension Scheme) Pension Inheritance Tax Protection.
You should take out a QNUPS if:
You own substantial assets,
You want these assets to grow in a tax free pension,
You want to protect these assets against UK inheritance tax,
You are UK domiciled, wether or not you live in the UK
What are the advantages?
QNUPS grow free of Capital Gains Tax,
QNUPS protect you and your heirs from Inheritance Tax,
QNUPS are not subject to UK Pension sharing orders on divorce,
Normally more tax-efficient and flexible than UK pensions,
Normally more tax-efficient than owning assets personally.
How do I fund my QNUPS?
You can transfer cash, assets or family wealth into the QNUPS,
Your main residence can not be transferred into a QNUPS,
However other residential properties are generally acceptable,
There is no absolute limit on contributions into your QNUPS,
Very substantial contributions are generally allowable, subject to your status,
You should personally retain enough assets to live on prior to retirement,
Contributions should be from individuals, not from employers.
How do I get my money?
From age 55 you can take 25% tax free cash, possibly more than this,
If you need cash before age 55 you can often take out cash tax-free as a loan
What happens when I die?
On death, the funds go to your heirs/beneficiaries totally free of UK Inheritance Tax,
The assets are Inheritance Tax-free immediately,
There is no 7 year qualification period,
With all other Inheritance Tax planning you have to give your assets away.
QNUPS IPP The Pension Plan for high earners
You should take out a QNUPS IPP if:
You earn, including bonuses, a very substantial income and
You want to top up your pension in the most tax-efficient and flexible way
What are the advantages?
Tax efficient pension planning for high income UK residents,
QNUPS grow free of Capital Gains Tax,
QNUPS protect you and your heirs from Inheritance Tax,
QNUPS are not subject to Pension Sharing Orders on divorce,
Normally more tax-efficient and flexible than UK pensions,
Normally more tax efficient than owning assets personally.
How do I fund my QNUPS?
You can pay income or bonuses into your QNUPS,
There is no absolute limit on your contributions into your QNUPS,
Very substantial contributions are generally allowable, subject to your status,
There is no Annual Allowance restriction,
There is no Lifetime Allowance restriction,
You can also transfer cash, assets or family wealth into the QNUPS,
Contributions should be from individuals, not from their employers.
How do I get my money?
From age 55 you can take 25% tax free cash, possibly more than this,
If you need cash before age 55 you can often take out cash tax-free as a loan
What happens when I die?
On death, the funds go to your heirs/beneficiaries totally free of UK Inheritance Tax,
The assets are Inheritance Tax-free immediately,
There is no 7 year qualification period,
With all other Inheritance Tax planning you have to give your assets away.
www.qropspensionservice.com