The tax planning benefits of QNUPS explained

Qualifying non-UK pension schemes (QNUPS) were created by the Inheritance Tax Regulations 2010, which came into force on 15 February 2010. However, it is only since the introduction of annual and lifetime allowances on pension contributions, which effectively limit the amount individuals can contribute to their pensions tax-free, that QNUPS have become an attractive form of ‘top-up’ retirement savings plan. Currently, the maximum amount payable into a UK personal pension scheme on which tax relief is available is £50,000 annually, or a lifetime allowance of £1.5m. These allowances will b...