Money Terms in Plain English.

Q

QROPS (moving a pension abroad)UK

A pension abroad that HMRC lets you move a UK pension into.

In plain English:An overseas pension scheme that HMRC approves for moving UK pension money into, for people living abroad. Transfers can carry a big tax charge.

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Moving a pension overseas can face a 25% overseas transfer charge.

The charge doesn't apply in some cases, such as when living in the same country as the scheme. Fees can be high.

For example: Someone moving to Australia transfers their UK pension to an approved Australian scheme, avoiding the overseas transfer charge.

Article inside Foliopeak: Transferring an ISA or Pension Without Breaking It

Qualifying care reliefUK

Lets foster and kinship carers earn a set amount from caring with no tax to pay.

In plain English:If you foster or care for a child in your family, you can earn a set amount from it each year without paying tax.

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The limit is £20,440 a year for each household, plus £435 a week for each child under 11 and £515 a week for each person aged 11 or over.

It's claimed through Self Assessment. If income is above the limit, a simplified method can be used.

For example: Foster one 8-year-old all year and the first £43,060 of care payments is tax-free: £20,440 plus 52 weeks of £435.

Figures checked 8 November 2026. Source: gov.uk (opens in a new tab)

Qualifying yearUK

A year of National Insurance that counts towards your State Pension.

In plain English:A year in which you've paid or been credited with enough National Insurance. You need a certain number of them for the full State Pension.

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The full new State Pension needs 35 of them, and any at all needs 10.

Credits can be given for caring, illness or claiming benefits. Gaps can sometimes be filled.

For example: Someone checks their record and finds they have enough qualifying years for the full State Pension.

Article inside Foliopeak: The State Pension, and Your National Insurance Record

Quantitative easing (QE)

A central bank creating money to buy bonds and lower interest rates.

In plain English:The Bank of England makes new money and uses it to buy government loans. This makes borrowing cheaper, so people and businesses spend more.

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The Bank of England first used it in 2009, after the financial crisis, and again during the pandemic. It bought gilts (loans to the government) from banks, pension funds and insurers, paying with money it created.

With the Bank buying, gilts cost more and paid less interest. That pulled down the interest rates on mortgages and business loans, to keep inflation near its 2% target.

The risk is that too much new money pushes prices up later. Since 2022 the Bank has been shrinking what it bought, which is called quantitative tightening.

For example: When the Bank of England bought government loans during the pandemic, mortgage rates fell, so people could borrow more cheaply.

Quantitative tightening (QT)

A central bank shrinking the pile of bonds it bought, the reverse of quantitative easing.

In plain English:The Bank of England reverses quantitative easing by selling the government loans it bought, or letting them run out. This tends to push interest rates up.

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The Bank of England has done this with gilts since 2022.

It tends to push interest rates up. It's done slowly to avoid shocking markets.

For example: The Bank of England sells some of its gilts each year, reducing the money in the system.

See also: Quantitative easing (QE)

Quick succession reliefUK

A cut to Inheritance Tax when an heir dies soon after inheriting.

In plain English:If someone inherits from a person and then dies soon after, their estate pays less Inheritance Tax, so the same money isn't fully taxed twice.

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It applies when the second death is within 5 years, and is biggest within the first year.

The tax paid on the first death is used to work it out. It's claimed by executors.

For example: A woman inherits from her husband and dies two years later. Her estate gets relief because tax was already paid on his estate.

See also: Inheritance Tax