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- Qualified_Non-UK_Pension_Scheme abstract "A Qualifying Non-UK Pension Scheme (QNUPS) is a form of overseas pension scheme available to British citizens that reside permanently outside of the United Kingdom. QNUPS allow individuals to transfer UK based pension assets to overseas based schemes, usually incurring a preferential tax rate in the process. QNUPS also allow individuals to invest more regularly into their pensions than the usual UK limit of £50 000 per year.The scheme was introduced by HM Revenue and Customs on the 15th of February 2010 but is effective from the 6th of April 2006. The primary benefit of QNUPS is that the scheme allows the holder of the scheme to greatly reduce or eliminate inheritance tax. A QNUPS also has the advantages of being widely available and having no maximum limit or age for contributions.In order for a pension scheme to be recognised as a QNUPS is must meet strict HMRC guidelines. This requires companies providing QNUPS to reveal certain information to HMRC. Individuals wishing to transfer pension assets to a QNUPS must have been resident in the UK for tax purposes when the payment was being made or treated as being made. If they are not resident for tax purposes, then they should be resident in the UK in the year the tax payment was made or in any of the five previous tax years.In order for a pension scheme to be considered a QNUPS it must meet the following criteria:[citation needed] The scheme must have the same retirement age as would apply in the United Kingdom It must only provide income after retirement It must be available to the local population in the jurisdiction in which it is located It must be recognised for tax purposes in the jurisdiction in which it is locatedQualifying registered overseas pension schemes (QROPS) are by definition QNUPS. ROPS (Recognised Overseas Pension Schemes) are also considered QNUPS as both have the same qualifying conditions. This in effect means that many of the guidelines governing QNUPS are similar to QROPS.As such, QROPS and QNUPS are highly similar and related pension schemes. Which one is more appropriate for an individual depends on their financial circumstances and the country in which they are domiciled and/or resident. For example, expatriates that reside abroad but are domiciled in the UK would benefit from a QNUPS. Expatriates resident and domiciled overseas, but who also have UK based pension assets that they wish to transfer, would benefit more from a QROPS.[citation needed] Furthermore, QNUPS offer a wider range of asset classes than QROPS.".
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- Qualified_Non-UK_Pension_Scheme hasPhotoCollection Qualified_Non-UK_Pension_Scheme.
- Qualified_Non-UK_Pension_Scheme subject Category:2010_establishments_in_the_United_Kingdom.
- Qualified_Non-UK_Pension_Scheme subject Category:Pensions_in_the_United_Kingdom.
- Qualified_Non-UK_Pension_Scheme type Abstraction100002137.
- Qualified_Non-UK_Pension_Scheme type Cost113275847.
- Qualified_Non-UK_Pension_Scheme type Outgo113275288.
- Qualified_Non-UK_Pension_Scheme type Payment113278375.
- Qualified_Non-UK_Pension_Scheme type Pension113384164.
- Qualified_Non-UK_Pension_Scheme type PensionsInTheUnitedKingdom.
- Qualified_Non-UK_Pension_Scheme type Possession100032613.
- Qualified_Non-UK_Pension_Scheme type RegularPayment113281275.
- Qualified_Non-UK_Pension_Scheme type Relation100031921.
- Qualified_Non-UK_Pension_Scheme type TransferredProperty113252973.
- Qualified_Non-UK_Pension_Scheme comment "A Qualifying Non-UK Pension Scheme (QNUPS) is a form of overseas pension scheme available to British citizens that reside permanently outside of the United Kingdom. QNUPS allow individuals to transfer UK based pension assets to overseas based schemes, usually incurring a preferential tax rate in the process.".
- Qualified_Non-UK_Pension_Scheme label "Qualified Non-UK Pension Scheme".
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- Qualified_Non-UK_Pension_Scheme sameAs Q7268652.
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- Qualified_Non-UK_Pension_Scheme sameAs Qualified_Non-UK_Pension_Scheme.
- Qualified_Non-UK_Pension_Scheme wasDerivedFrom Qualified_Non-UK_Pension_Scheme?oldid=559793385.
- Qualified_Non-UK_Pension_Scheme isPrimaryTopicOf Qualified_Non-UK_Pension_Scheme.