As a non-UK pension scheme, contributions do not obtain any UK tax relief however QNUPS can be highly beneficial for UK residents who have or Non-UK residents who will have, UK domicile for UK inheritance tax purposes.
There are no maximum or minimum funding limitations imposed on QNUPS, however any contribution should be commensurate with the Member's pension requirements. Contributions and any investment growth are removed from the Member's estate for UK inheritance tax purposes.
The QNUPS jurisdiction of choice will depend on a number of key factors such as residency, tax status and investment strategy.
QNUPS can be used to invest in a wide variety of investment classes, including both commercial and residential property, as long as they are not connected to the Member.
The advice process involved in implementing a QNUPS requires specialist knowledge across a number of different fields of expertise. We will ensure that the advice we provide is fully compliant including independent tax advice, actuarial and provider due diligence reports to provide you with the necessary information to make an informed choice for your planning objectives. Case Study
QNUPs can be effective for IHT. However if it can be shown that contributions were not made for ‘bone fide’ retirement purposes then the IHT treatment could be challenged by HMRC.
The tax regime of the retirement and death benefits in the QNUPs jurisdiction and the country in which the individual is resident will impact whether such schemes are appropriate in a particular case.
Consilio Consulting offers advice to clients on a wide range of financial services including the following:
At Consilio Consulting, we provide comprehensive tax-efficient financial planning services for High Net Worth private and Corporate clients. We will work with you to understand your current position and financial goals. We will then build a bespoke solution utilising our expertise in a number of core areas.
Read MoreOur work at Consilio Consulting brings us into contact with companies of all sizes across the UK. How you structure your financial affairs can have a significant impact on the amount of tax you pay, both within your company and personally.
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