The Pensioneer Trustee Company (Guernsey) Limited

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Qnups to be aligned with UK pension schemes

March 21, 2014

The Government is to consult on giving equal treatment to qualifying non-UK pension schemes and UK registered pension schemes.

In proposals announced in the Budget this week, the Government says it wants to give equivalent treatment to Qnups and UK schemes “to remove opportunities to avoid inheritance tax”.

Propositions expert Colin Jelley says there is currently no annual allowance for Qnups, unlike UK schemes, which are subject to an allowance of £50,000 in the current financial year and £40,000 in the next financial year.

Jelley says: “This makes Qnups more attractive from an inheritance tax perspective. It is not yet clear how the Government plans to equalise the treatment of schemes, but it may be through an annual allowance on Qnups.

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The Pensioneer Trustee Company (Guernsey) Limited is licensed by the Guernsey Financial Services Commission under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2000 and subject to The Pension Licensees (Conduct of Business) & Domestic and International Pension Scheme and Gratuity Scheme Rules (No.2) 2017.