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Last week George Osborne announced the introduction of Capital Gains Tax on UK properties sold by non–residents

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Last week George Osborne announced the introduction of Capital Gains Tax on UK properties sold by non–residents

                                Asia Pacific

Last week George Osborne announced the introduction of Capital Gains Tax on UK properties sold by non–residents

Effective from April 2015,
it will have massive implications for UK expats who do not sell their property portfolios before that date.

There are many questions about what impact this will have on the UK property market, with some expecting a flood of properties to enter the market as investors race to beat the 2015 deadline.

Damian Bloom, a partner at international law firm Berwin Leighton Paisner asks the UK government to confirm whether there will be any more changes to the UK tax regime for international individuals, arguing that this amendment should have been “considered as part of last year’s extensive consultation on the taxation of UK property held by non-resident entities”.

QNUPS, the little-known cousin of QROPS, can be a perfect tool for expats looking to reduce tax liabilities on their estate.
Created in 2004 along with the better known QROPS, QNUPS (Qualifying No-UK Pensions Scheme) could not be used until HMRC passed the accompanying regulations in 2010.

Unlike some of the stricter UK pension options, QNUPS permit a wide range of investments such as cash, securities, commercial property, private equity, quoted and unquoted securities and even residential property. Also any lump sum death benefits, either pre or post retirement, are not subjected to the 55% death tax.

This makes QNUPS an attractive option for clients seeking to protect their estate and wealth for future generations

Video of Asia Pacific Pensions

To find out more please contact: [email protected]

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