These contributions may exceed the usual UK limit of GBP50,000 per year. This scheme is being offered in addition to Gibraltar’s traditional Qualifying Recognized Overseas Pension Schemes (QROPS), which are often used by UK expats to transfer their pension from the UK without incurring substantial tax.
Legislation is soon to be passed to ensure that the Gibraltar’s legislation is complete regarding QNUPS. Gibraltar itself levies no inheritance tax, wealth tax or Capital Gains Tax on pensions held. Apart from the proposed 2.5 percent due on distribution, the only taxes that may be due are those that would apply to residents of other countries. For payments that have arisen from former UK residents, a QNUPS is expressly exempted from UK inheritance tax under Statutory Instrument No. 51 (2010).
