QNUPS offer a tax-efficient way to increase the value of your pension fund. They are international pension schemes with no lifetime limit on contributions. Cash and assets transferred to a QNUPS are exempt from UK inheritance tax and QNUPS allow you to pass your entire fund to loved ones on your death.
Key benefits of QNUPS
Qualifying non-UK pension schemes offer significant potential benefits:
- Contribute non-UK cash and assets including employment income and gifts
- No lifetime limit on contributions
- Exempt from UK inheritance tax and free from UK capital gains tax
- No maximum age limit for investing in QNUPS fund
- Transfer 100% of fund to your beneficiaries
- Draw income at age 55 or up until age 75 - potentially later
- No restrictions on residence
- Up to 30% tax-free lump sum
- No UK HMRC reporting requirements
QNUPS must be used carefully and their suitability depends on your personal and financial circumstances. It is essential to get advice from a qualified pension specialist before you open a QNUPS.
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