Advice should accompany money transfers

Potential expats should seek advice on their tax and pension money transfers prior to leaving the UK, according to a leading newspaper.

The Times recently encouraged Britons to make enquiries regarding payments towards their income tax and retirement plans.

Ian Hopkinson, people services partner at KPMG, explained that some companies will tax investments made to UK-based pensions.

"If so, you may want to get an agreement to suspend contributions while you are overseas, then catch up when you return to the UK," he told the newspaper.

In addition to researching their pension schemes, Mr Hopkinson urged emigrants to get expert advice regarding their income tax payments as some expats may find they are charged twice.

Meanwhile, Chiara Cavaglieri recently wrote in the Independent that lower income tax levels found in Canada, the US and Australia may draw more Britons overseas.

Click here to make an International Money Transfer.

By Linsey Summers.