Have you ever heard of QROPS? It wouldn’t be particularly surprising if you hadn’t, since it’s yet another acronym from Her Majesty’s Revenue and Customs, or HMRC, as they rather appropriately like to be known. It stands for – deep breath – Qualifying Registered Overseas Pension Scheme. You’re probably not overwhelmed to the point of falling over by this magnificent bit of trivia, but if you’re an expat, or you’re planning to be one, you should pay attention.
A QROPS is a way to transfer your pension to another country without attracting the undue interest of the taxman. It makes sure that your chosen scheme meets certain requirements and then allows you to transfer the benefits you’ve built up while working in the United Kingdom to a scheme within the country in which you plan to retire. This avoids all sorts of problems further down the road and makes your financial planning for later life that much easier.
Asking an expert is best, especially when you’re looking for inheritance tax advice
Like most of these things, it pays to have someone knowledgeable on your side. You can’t be expected to know all the ins and outs of a scheme like QROPS, so it’s worth asking an expert. The same goes for inheritance tax advice. When you leave your estate to your loved ones, you really don’t want the taxman to hoover up his unfair share, so it’s crucial to make sure you’ve done everything you can to minimise your exposure to inheritance tax. Advice is freely available, and if you already are, or are planning to become, an expat, then you should seek the help of someone who knows the unique financial circumstances those living abroad often face.
With the world becoming ever-smaller thanks to accessible travel, many peoples’ estates spread over more than one country. This can end up leading to some complicated estate planning, for which you will require really top-notch inheritance tax advice. Since you’ve worked so long to earn what you have, you’re sure to want to give as much of it as possible to your loved ones when the time comes.
Getting QROPS and inheritance tax advice now helps ease planning for your future
Financial planning is never most peoples’ idea of a good time, but it can help you pay for the good times you want to have, and that’s why it’s important to get the best information you can. Whether you’re looking to take advantage of the QROPS rules to help plan for your retirement, or you need sound inheritance tax advice to maximise the worth of your estate, the best advice is simply to find an expert who can really help you to get the most from your money.