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Qualified Non-UK Pension Scheme
A Qualifying Non-UK Pension Scheme (QNUPS) is a form of overseas pension scheme available to British citizens that reside permanently outside of the United Kingdom or who reside in the United Kingdom. If the QNUPS complies with specific HMRC regulations, it will be recognised as a QROPS (Qualifying Recognised Offshore Pension Scheme) which allow individuals to transfer UK based approved pension assets to an overseas based "QROPS". A QNUPS can also allow individuals to invest more into their pensions than the usual UK limit in terms of both annual contributions and overall 'lifetime limit' of fund size The scheme was introduced by HM Revenue and Customs on 15 February 2010 but became effective from 6 April 2006. The primary benefit of QNUPS is that the scheme allows the holder of the scheme to greatly reduce or eliminate inheritance tax. A QNUPS also has the advantages of being widely available and having no maximum limit or age for contributions. In order for a pension scheme t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension Scheme
A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments. A pension may be a "defined benefit plan", where a fixed sum is paid regularly to a person, or a "defined contribution plan", under which a fixed sum is invested that then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular amounts for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment before retirement. The terms "retirement plan" and "superannuation" tend to refer to a pension granted upon retirement of the individual. Retirement plans may be set up by employers, insurance companies, the government, or other institutions such as employer associations or trade unions. Called ''retirement plans' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HM Revenue And Customs
HM Revenue and Customs (His Majesty's Revenue and Customs, or HMRC) is a non-ministerial government department, non-ministerial Departments of the United Kingdom Government, department of the His Majesty's Government, UK Government responsible for the tax collection, collection of Taxation in the United Kingdom, taxes, the payment of some forms of Welfare state in the United Kingdom, state support, the administration of other regulatory Regime#Politics, regimes including the national minimum wage and the issuance of national insurance numbers. HMRC was formed by the merger of the Inland Revenue and HM Customs and Excise, which took effect on 18 April 2005. The department's logo is the St Edward's Crown enclosed within a circle. Prior to the Elizabeth II, Queen's death on 8 September 2022, the department was known as ''Her'' Majesty's Revenue and Customs and has since been amended to reflect the change of monarch. Departmental responsibilities The department is responsible for the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inheritance Tax
An inheritance tax is a tax paid by a person who inherits money or property of a person who has died, whereas an estate tax is a levy on the estate (money and property) of a person who has died. International tax law distinguishes between an estate tax and an inheritance tax—an estate tax is assessed on the assets of the deceased, while an inheritance tax is assessed on the legacies received by the estate's beneficiaries. However, this distinction is not always observed; for example, the UK's "inheritance tax" is a tax on the assets of the deceased, and strictly speaking is therefore an estate tax. For historical reasons, the term death duty is still used colloquially (though not legally) in the UK and some Commonwealth countries. For political, statutory and other reasons, the term death tax is sometimes used to refer to estate tax in the United States. Varieties of inheritance and estate taxes * Belgium, droits de succession or erfbelasting (Inheritance tax). Collected at t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, and many smaller islands within the British Isles. Northern Ireland shares a land border with the Republic of Ireland; otherwise, the United Kingdom is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. The total area of the United Kingdom is , with an estimated 2020 population of more than 67 million people. The United Kingdom has evolved from a series of annexations, unions and separations of constituent countries over several hundred years. The Treaty of Union between the Kingdom of England (which included Wales, annexed in 1542) and the Kingdom of Scotland in 170 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Qualifying Registered Overseas Pension Schemes
A Qualifying Recognised Overseas Pension Scheme, or QROPS is an overseas pension scheme that meets certain requirements set by Her Majesty's Revenue and Customs (HMRC). A QROPS and it can receive transfers of British pension benefits. The QROPS programme was part of British legislation launched on 6 April 2006 as a direct result of EU human rights requirements of the freedom of capital movement. A QROPS should not incur an unauthorised payment nor scheme sanction charge and is deemed either a trust or a contract based offshore pension. As such the tax residence of the beneficial owner or beneficiaries is critical as some countries do not recognise trusts, the result being the prospect of taxation at source or upon receipt. Examples could include France and the United States. A QROPS can be appropriate for British citizens who have left the UK to emigrate Emigration is the act of leaving a resident country or place of residence with the intent to settle elsewhere (to permanent ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
QROPS
A Qualifying Recognised Overseas Pension Scheme, or QROPS is an overseas pension scheme that meets certain requirements set by Her Majesty's Revenue and Customs (HMRC). A QROPS and it can receive transfers of British pension benefits. The QROPS programme was part of British legislation launched on 6 April 2006 as a direct result of EU human rights requirements of the freedom of capital movement. A QROPS should not incur an unauthorised payment nor scheme sanction charge and is deemed either a trust or a contract based offshore pension. As such the tax residence of the beneficial owner or beneficiaries is critical as some countries do not recognise trusts, the result being the prospect of taxation at source or upon receipt. Examples could include France and the United States. A QROPS can be appropriate for British citizens who have left the UK to emigrate permanently and intend to retire abroad having built up a British pension fund. Alternatively, a person who is born outside the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pensions In The United Kingdom
Pensions in the United Kingdom, whereby United Kingdom tax payers have some of their wages deducted to save for retirement, can be categorised into three major divisions - state, occupational and personal pensions. The state pension is based on years worked, with a 35-year work history yielding a pension of £185.15 per week. It is linked to wage and price increases. Most employees and the self-employed are also enrolled in employer-subsidised and tax-efficient occupational and personal pensions which supplement this basic state-provided pension. Historically, the "Old Age Pension" was introduced in 1909 in the United Kingdom (which included all of Ireland at that time). Following the passage of the Old-Age Pensions Act 1908 a pension of 5 shillings per week (25p, equivalent, using the Consumer Price Index, to £ in present-day terms), or 7s.6d per week (equivalent to £/week today) for a married couple, was payable to persons with an income below £21 per annum (equivalent to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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