An article by Roger Berry, Managing Director of Concept Group Limited.
People use QROPS to transfer UK tax relieved pension funds overseas. QROPS are generally for non-UK resident members or for people who intend to be UK non-resident in the near future. QROPS have restrictions on investing in taxable property e.g. wine, stamps, vintage cars, residential property but QNUPS do not. QNUPS are often used both by UK resident and UK non-resident members. You cannot transfer UK tax releived pensions into a QNUPS without creating very significant tax charges. Only a QROPS can achieve a tax free transfer.
This can be a complex area on which professional advice should be taken. The above statement is a simplified summary answer.
If you have further any further questions, please do not hesitate to contact us on firstname.lastname@example.org.
Concept or Concept Group means Concept Group Limited, Concept Trustees Limited and any other group or associated companies. Concept does not provide financial nor tax advice and noting in this article should be construed as such, nor shall they be held responsible for any liability or loss arising directly or indirectly from any reliance placed upon the content of his article.
The information in this document is based on our undertanding of current laws and practices, both of which are subject to change. Whilst every effort has been made o ensure the information is correct, Concept cannot accept responsibility for its interpretation, or any future changes to law and practices in any relevant jurisdiction, some of which may have retrospective effect.
Concept Group are licensed under the Regulation of Fiduciaries, Administration Business and Company Directors etc (Bailiwick of Guernsey Law, 2000 and are regulated by the Guernsey Financial Services Commission.