Our Trustees have now confirmed that the Guernsey tax office has approved the following amendments which will further enhance our QROPS & QNUPS proposition.
- The lump sum entitlement has been increased to 30%.
- It is no longer necessary to await commencement of drawdown before taking the lump sum (subject to reaching normal retirement age).
- Loans to members are now increased to 30% maximum subject to the usual commercial terms and full repayment before drawdown commences.
These latest changes enhance the benefits available to expatriates or those considering exiting the UK by moving their pension arrangements offshore. These can be summarised as a bigger tax free lump sum, removal of tax charge on death for a pension in drawdown (this is now a hefty 55% of the fund since April 6th) and potentially lower tax on pension income (this will depend on your country of residence) and in the case of QNUPS the ability to legitimately shelter a wide range of assets from UK inheritance and local succession taxes in a bona fide retirement scheme.
For an immediate discussion on how you or your clients can take advantage of these benefits please contact us by email wealth@fiduciarygroup.com or by telephone on +350 200 50982. Meetings can be arranged at any of our offices, details of which can be found on our website www.fiduciarywealth.gi.
