Tax hike boosts interest in overseas pension payments

Overseas pension schemes may soon become more common due to the numbers of Brits leaving the UK, it has emerged.

Financial advisor RBC Wealth Management recently highlighted the rising number of expats who are transferring money abroad to avoid high income tax, ifaonline.co.uk reports.

Louise Somerset, tax director at the firm, recently stated that the organisation has seen an increase in the number of potential emigrants who are enquiring about international pension payments.

She told the publication: "They are increasingly keen to discuss the possibility of becoming non-UK resident and taking their wealth and skills overseas in the process."

In order to cater for the growing pool of Brits who wish to make money transfers to savings accounts, the company has set up two more Qualifying Recognised Overseas Pension Schemes.

UK emigrants were recently warned by PKF Accountants that they may still have to pay income tax if they maintain strong links with the UK.

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By Linsey Summers