QNUPS CASE STUDY

Contributions to a QNUPS need not only be made from income earned but from assets acquired by you in any way. The most important part of taking a QNUPS is that your assets including capital gains are passed on to your named beneficiaries without any tax cuts. We’ll assume you’re ok with this, but you can opt-out if you wish. Other offshore pension schemes might have a limit, but with a QNUPS, you can decide how much you want to invest. This is very advantageous as it has two significant issues.

Benefits must start to be drawn before the age of 70 — unless the funds fall under Maltese legislation in which case there is no commitment to take proceeds by then. Whether you are an international firm or located on the Isle of Man we will be able to assist you. Not all countries recognise pension fund structures in non-tax treaty jurisdictions. If the member is non-Uk resident, tax may be payable in their jurisdiction of residency. In a forum such as this, the consultant must convince the client that they are trustworthy and knowledgeable; The consultant I spoke with did that! We put your requirements first, then deliver outstanding service in everything we do Kerry Jones, Senior Manager.

The consultant was very personable, listened to my questions and was thoughtful and thorough in his responses. Follow us on social media.

qnups case study

You should always take independent tax advice, as your personal circumstances may mean the comments above do not apply to you. Helping you build a pension fund that is capable of supporting the lifestyle that you have become accustomed to Unlike a UK pension fund, there are no set limits on how much you can put into a QNUPS, it must simply be considered as sensible for the standard of living you are used to.

The scheme must be used to provide an income upon retirement and have the same retirement age as of that which applies in the Dase. Castletown based Fiduciary and Pension firm Optimus Fiduciaries Limited are pleased to announce donations to three local charities.

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Contributions of assets can be made in cash or in specie and benefits can be taken from the age of qmups To ensure this is acceptable we may require the approval of an actuary to calculate the permitted level of contributions.

QNUPS Case Study – Mr Jones – QNUPS News – QB Partners

Other points to consider Double Tax Treaties. If funding is disproportionately large, then it would suggest to HMRC that avoidance of taxation was the purpose. Advice should be sought from your adviser as to the tax implications on payment of benefits in your country of residence. Cae Shallcross, Head of Business Development at Castletown based fiduciary and pension group Optimus Limited is to present a key message on the benefits of its new Turkish International Pension Plan as well as why the Isle of Man is a jurisdiction of choice in Istanbul later this week.

Please be aware that assets that cannot be liquidated qnuos provide you with an income or physical assets that do not provide a regular income stream, will almost certainly invalidate your scheme for IHT purposes. By using our website, you accept our use of Cookies. Failure to do so, or take only a nominal income, may involve tax implications as described above.

QNUPS – Why QNUPS can play a role in estate and legacy planningFirst-Equitable

There should be no CGT issues where contributions are made from cash. In all my years of working with Optimus, srudy have always conducted themselves in a highly professional and timely manner whilst providing an excellent service to their clients Industry Professional, Director. Once you have made your request, you will get: Free initial consultation to discuss your situation and have your general questions answered.

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Please tick here to agree that you have read and understand our Privacy Policy. Although a QNUPS is a pension fund it does have a degree of flexibility and has some significant tax advantages. He is also concerned that his estate will be liable for considerable inheritance tax IHT upon his death.

qnups case study

To review our Privacy and Cookie policy, please click here. You can contribute for as long as you like. Generally no IHT charges arise on transfer of assets by a member. This legislation came into force in Aprilbetter known as A-Day. Whether you are an international firm or located on the Isle of Man we will be able to assist you.

QNUPS Explained

Free, informal guidance on the options available to you. Unlike a UK pension fund, there are no set limits on how much you can put into a QNUPS, it must simply be considered as sensible for the standard of living you are used snups. This means there are no transfer, year or exit charges.

What level of contribution is acceptable? Overview of any fees and charges should you wish to engage the advisor. We’ll assume you’re ok with this, but you can opt-out if you wish.

There is also a double taxation agreement with the UK. What can I withdraw from my Retirement Scheme?

qnups case study

UK assets may be taxed on their income and gains within the Scheme depending on how they are held.