SIPP Specialists has announced the launch of its new Isle of Man Qualifying Non UK Pension Scheme (QNUPS). The scheme has been set up to accept contributions in the way most appropriate to a client’s situation, including in-specie transfers for the likes of residential property.
Director Dougie Elliott said, “We’re pleased to be able to announce yet another international pension initiative from the Isle of Man, and it is consistent with our desire to give advisers and their clients a full choice of pension options. This is another tool to go into their tool box.”
Fellow director, John Garland added, “‘This sits nicely with our portfolio of pension solutions, which include our 50C QROPS, and our QROPS structures in Malta and Guernsey. Through our sister company, Sipco Pensions, we are also able to offer International Pension solutions and all this makes us a truly multi-jurisdictional provider, giving a maximum of choice.
“We offer all of these options from our offices in Douglas because the Isle of Man is a great jurisdiction for financial services, with its strong, transparent regulation, extensive experience and international reputation.”
Dougie Elliott added. “Our over-riding approach to QNUPS will be governed by the fact that it is first and foremost to provide a pension and everything else follows on from that.
“By adhering to the spirit and letter of the legislation we offer a service which allows the advisors a wealth of options whilst offering their clients peace of mind.”
QNUPS (Qualifying Non UK Pension Schemes) entered into UK IHT law in February 2010 when the law was amended to correct an error in existing IHT legislation. It is for contributions on which tax may have been paid and is not reportable to HMRC. An in-specie contribution is a contribution of an asset which is not cash and on the Isle of Man can include residential property
QROPS (Qualifying Recognised Overseas Pension Scheme) was introduced in 2006 in UK legislation for UK expats to transfer existing pension benefits when they emigrate from the UK. It is reportable to HMRC until the member has been out of the UK tax system for five consecutive tax years.
