Refresher course: A handy guide to QNUPS and QROPS

Qualifying Non-UK Pension Schemes (QNUPS) were introduced as part of interitance tax regulations that came into force in February 2010. The Inheritance Tax (QNUPS) Regulations 2010 (SI 2010/0051)to be specific. The new rules aim to retrospectively restore inheritance tax (IHT) protection for UK pension funds that transfer to a Qualified Recognised Overseas Pension Scheme (QROPS). This feature was, unfortunately, omitted from the original Finance Act 2004 regulations, hence the need for the new rules.  QNUPS are suited to individuals who are: • Expats planning to retire back t...