The article has been revised without changing its meaning, removing any marketing or promotional language. It still retains an informative essence about a private event where individuals were advised on how pension schemes could potentially protect wealth from taxes.
Undercover filming by the Guardian suggests multimillionaire UK residents were being pitched offshore products designed to legally shield fortunes from inheritance and capital gains taxes. During an exclusive event held a week before the general election, Baker Tilly advised ultra-wealthy individuals on using offshore pension schemes as possible means of protecting their large assets from future tax liabilities.
At a private event hosted in London's City, advisers to some wealthy citizens were informed about an offshore pension scheme known as a qualifying non-UK pension scheme (QNUPS), which is available to UK residents. This plan takes advantage of existing tax rules that exempt pension schemes from inheritance and capital gains taxes in the UK.
A representative for Baker Tilly Isle of Man stated, "QNUPS, introduced by HMRC in 2 Administering a QNUPS requires meeting specific HMRC guidelines. Clients wishing to register as part of this scheme are expected to obtain independent tax advice."
According to the Institute for Fiscal Studies' paper on inheritance and capital gains taxes, these exemptions in pension schemes create avenues that can be costly and unfair from an economic perspective. It has been reported that there is anticipation of potential changes by the new Labour government regarding how the exchequer collects inheritance and capital gains taxes.
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