A Qualifying Non-UK Pension Scheme (QNUPS) is an overseas pension that falls within the definition contained in section 271A of the Inheritance Tax Act and the Inheritance Tax (Qualifying Non-UK Pension Schemes) Regulations 2010. The legislation restored inheritance tax protection to certain non-UK pension schemes that are broadly equivalent to UK registered pension schemes. The Regulations had retrospective effective to 6 April 2006.
Being a Qualifying Non-UK Pension Scheme, a QNUPS must broadly satisfy the same conditions as that of a 'Recognised Overseas Pension Scheme'. Importantly, there are no reporting requirements to Her Majesty's Revenue and Customs (HMRC).
QNUPS can be used by individuals as a flexible mechanism for providing retirement benefits, including for UK residents. They are particularly useful as 'top-up' pensions if an individual has not made sufficient provision for their retirement via their registered pension.
It is important that the contributions made to a QNUPS are proportional, both to an individual's overall
wealth and to what is necessary to provide them with appropriate retirement benefits, taking into account any other existing pension rights they have.
Expatriates can use a QNUPS as a tax advantageous home for their long-term savings, creating a safe haven for their wealth now and in the future should they return to the UK.
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