Have you been reading about QNUPS and wondering whether there is anything about them that may apply to you? Sometimes it is easy to assume that the benefits of investing overseas only apply to the superrich. However, QNUPS may be suitable for a wide range of investors. If you are in doubt, why not speak to an adviser to find out what a QNUPS could do for you?
Tax is the issue that reels most people into QNUPS. So if you are concerned about the potential tax bill that your estate may face after your death, QNUPS may be worth a look.
QNUPS are available to people who are domiciled in the United Kingdom. Domicile is a difficult issue to call, because the rules surrounding it are complex. If you are at all unsure about where you are domiciled, contact an adviser for professional guidance.
QNUPS hit the headlines as being exempt from UK inheritance tax, but are also free from CGT. They will of course be liable to tax in their own countries, so you may find schemes in low tax countries more attractive than those in higher tax places.
So often investors are told what they cannot do and what they cannot invest in, rather than what they can put into their pension schemes. Accordingly, you may find that QNUPS are a refreshing break from this pattern. Whilst it is hardly the case that “anything goes”, investors may be pleasantly surprised to learn that residential property, antiques and even fine wines can be held by the schemes.
Another side of QNUPS that investors may enjoy is the fact that they are very flexible. At present there is no maximum amount that limits how much can be put into the schemes. There is also requirement that contributions need to come from earned income. Finally, there is no maximum age limit at which an investor has to stop making contributions. Accordingly, QNUPS may be suitable for more investors than you think!