Qualifying non-UK pension scheme (QNUPS) meaning

Private Client England & Wales glossary A Abatement When, after settling the deceased’s funeral costs, debts and liabilities, the remaining estate cannot satisfy all legacies in full, the gifts are reduced accordingly, unless the Will shows a different intention. In a solvent estate, the order for reduction appears in Part II of Schedule 1 to the Administration of Estates Act 1925. Refer to Practice Note: Payment of legacies. Accruals basis Where income is taxed on an accruals basis, it is attributed to a given tax year by reference to the number of days within that year during which the activity giving rise to the liability accrued. See Practice Note: What is the basis of income tax?. Accumulation and maintenance (A&M) trust A form of non‑interest in possession trust designed to benefit children and young people up to 25, which received favourable inheritance tax treatment between 1975 and 2006. See Practice Note: Accumulation and maintenance trusts—IHT [Archived]. Accredited Legal Representative (ALR) ...

A-day 'A-day' is the widely used term for the broad pension tax 'simplification' reforms that began on 6 April 2006. The changes covered: how much pension contribution was allowed, the kinds of schemes an individual could invest in, the sums that could be taken (and when), and the choices available for any remaining fund. A-day also introduced the annual allowance and the (now abolished) lifetime allowance. See: Annual allowance and Lifetime allowance. AFPS AFPS: Armed forces pension scheme; see Practice Note: Public sector pensions and family proceedings. Accrual rate The speed at which pension benefits build as pensionable service is completed in a final salary scheme, eg 1/60 for each year of pensionable service. Accrued benefits The benefits earned in respect of service up to a specified date. Added years Extra pension provided by adding further years of pensionable service in a salary-related scheme. Such additional years are secured via transfer payments or through additional voluntary contributions/augmentation...

Since A‑day (6 April 2006), key features of the UK tax regime for employees and others in foreign pension schemes are: Migrant member tax relief may reduce UK tax on contributions to a ‘qualifying overseas pension scheme’ (QOPS) in specified cases. See: UK tax relief on pension contributions to an overseas pension scheme—migrant relief, below Members of overseas pension schemes (OPS) or relevant non‑UK schemes (RNUKS) can incur UK tax charges in some situations, even if not UK resident. See: Tax treatment of pension benefits paid by a foreign pension scheme (not being a HMRC‑registered pension scheme), below Overseas individuals in HMRC‑registered pension schemes are subject to different rules. See: Tax treatment of overseas individuals who are members of HMRC‑registered pension schemes, below. UK tax relief on pension contributions to an overseas pension scheme—migrant relief UK tax relief is not automatic on contributions paid by, or for, an individual to an overseas pension scheme (OPS), a qualifying non‑UK pension scheme (QNUPS),...