QNUPS, QROPS, ROPS and Inheritance Tax Planning

Qnups.com is the premier website dedicated to QNUPS.

The aim is to offer impartial and independent guidance and assistance from leading specialist pensions advisers on the highly niche and technical area of QNUPS. This site sets out and explains what a QNUPS is, how it relates to QROPS and ROPS and the implications for UK  Inheritance Tax (IHT) planning.

QNUPS are important for:

• UK expats who already have a QROPS.
• Expats who are looking to return to the UK.
  
• The high net worth UK resident or domiciled individual who has already utilised their maximum income tax relievable pension contributions.
  
• Anyone who after 6 April 2010 will become restricted to basic rate income tax relief on UK pension contributions.

WHAT IS A QNUPS?

A QNUPS is a Qualifying Non UK Pension Scheme. It was introduced as part of The Inheritance Tax (Qualifying Non UK Pension Schemes) Regulations 2010 (SI 2010 / 0051) - "The Regulations".

QNUPS, ROPS AND IHT

To be a QNUPS an overseas pension scheme must satisfy the same conditions as are necessary to be a ROPS (see SI 2006/206) with the exception that there is no necessity for there to be a Double Taxation Treaty. A DTA is not necessary as there are no reporting requirements from the QNUPS to HMRC.

The key outcome is that a QNUPS benefits from a UK IHT exemption in respect of:

• UK tax relieved pension funds that have been transferred to a QNUPS (which may also be a QROPS).
• Contributions to a QNUPS by a current or previous UK resident and
  
• Assets held by a QNUPS.
  

A QROPS IS BY DEFINITION A QNUPS

From the definition of a QNUPS, as set out in the Regulations, a QROPS will also be a QNUPS. However, it is also the case that a ROPS (Recognised Overseas Pension) will also be a QNUPS because the set of conditions that a QNUPS needs to satisfy are the same conditions that define a ROPS (except that there is no requirement for a DTA between the UK and the country where the QNUPS is).

See the next page for details on how a QNUPS may benefit High Net Worth individuals and QROPS holders.

For further information : E-mail  info@qnups.com or  use the contact form on the contact us page.


Arbutus Qrops is a tradiing name of Premier Pension Solutions SL registered with the Comisión Nacional del Mercado del Valores (CNMV) and Dirección General de Seguros y Fondos de Pensiones (DGS) and an authorised agent of AES Financial Services (UK) Ltd, authorised to conduct investment and insurance business.
 

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