Investing in QNUPS provides several advantages to the fortune-hunter. The main advantage is avoiding inheritance tax. The sole disadvantage of the take dream is that it does not present any tax facilitate re the investment made.
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The QNUPS seek that was introduced by the HMRC in February 2010 is advantageous to UK citizens for several reasons. The most obvious feature is that by transferring their assets to these offshore funds, an individual can bond his associates from bearing the difficulty of inheritance tax.
There are along with several subsidiary advantages to investing in QNUPS:
– These pension schemes are plus a agreeable investment unconventional for people who are planning to retire overseas as they avow funds to be invested in a propos all country in the world, even those since which the UK Government does not have double taxation agreements.
– Another advantage is that there is no restriction approaching the type of asset invested. In adding to cash and residential property, determined postscript items of an exotic natural world such as antiques can be transferred to these schemes to avoid paying IHT.
– There is no maximum limit for the amount of funds or assets that can be transferred to this determination. This allows the buccaneer to involve all his funds to an offshore want in achievement he retires to different country where he can entry his funds at any mature without paying tax.
– There is no restriction not far-off afield off from the type of pension invested in QNUPS. Unlike customary schemes where only income from employment could be invested, income from any source can be invested in this incline of view toward to avoid inheritance tax.
– There is as well as no restriction upon the period for which investments can be made. With earlier pension schemes, an individual had to make each and every single one one investment back his retirement as it was considered his main source of income after he retired. However, subsequent to this added plot, a person can create investments or transfer assets even after he retires. This is especially useful in today’s world where due to increased cartoon expectancy there are on summit of two generations of a associates p.s. the retirement age. In such a encounter, if the older person transfers his assets to a QNUPS, he will preserve his retired child from having to pay earsplitting amounts knocked out IHT.
– Finally, the funds invested below this direct can be withdrawn or paid out in a currency of the traveler’s choice, reducing the risks related behind currency conversions for that excuse.