Atla’s Qualifying Non-UK Pension Schemes (QNUPS) are Isle of Man Approved Pension Schemes (under Section 50c of the Income Tax Act 1970), which are designed to meet the conditions required by HM Revenue & Customs (HMRC), to provide retirement benefits which are exempt from UK Inheritance Tax, enabling clients to pass on any residual funds to beneficiaries in a tax-efficient manner.

A client may wish to utilise a QNUPS for several reasons:

• A QNUPS offers an alternative means of funding for retirement for those who are close to exceeding the UK Lifetime Allowance (LTA) for tax-relieved savings;
• Given that a QNUPS falls outside of scope for UK Inheritance Tax, they are an attractive vehicle for pension savings for a UK Domiciled individual or anyone with UK property which they wish to invest in a pension scheme;
• As there is currently a £40,000 limit on tax relieved pension contributions in the UK, with lower limits applying to anyone earning more than £150,000 per annum, a QNUPS offers clients the ability to increase their pension provision.

Contributions to a QNUPS WILL NOT qualify for UK Tax Relief; however, they are not subject to any cap on contributions. In addition, investments in a QNUPS can grow free of tax. Benefits may be taken at age 55.

A QNUPS can offer a range of planning advantages with correct planning, which includes a tax-free pension commencement lump sum and flexible income options. Under Isle of Man legislation, income is paid gross, without the Isle of Man tax deduction.

Our trusteeship and administration fees are based on the time involved rather than a percentage of the assets held and are a transparent structure that can produce substantial cost savings for clients with higher value QNUPS.