QNUPS and IHT

Since my last column, draft regulations have finally been published defining what type of foreign pension scheme will be exempt from UK inheritance tax. The Inheritance Tax (Qualifying Non-UK Pension Schemes) Regulations 2008 have introduced a brand-new acronym, 'QNUPS'. A QNUPS will benefit from a UK inheritance tax exemption in respect of UK tax-relieved funds that have been transferred to the QNUPS, contributions to the QNUPS by a UK-domiciled individual and in respect of UK assets held by a QNUPS. What qualifies as a QNUPS? In order to qualify as a QNUPS, a pension scheme must m...