'More Brits looking to escape tax rises'
11/08/09 16:18
An increasing number of British citizens are looking to move abroad because of recent tax increases, say RBC Wealth Management.
The company noted that it has seen enquiries into expatriate pension arrangements double since the government announced it will increase tax rates, IFA Online reports.
Louise Somerset, tax director at RBC, said: "They are increasingly keen to discuss the possibility of becoming non-UK resident and taking their wealth and skills overseas in the process."
To accommodate expatriates who are looking to take their pension contributions overseas RBC has launched two qualifying recognised overseas pension schemes.
HM Revenue and Customs HMRC advises there is no limit to the amount that can be placed in a UK pension, but there are limits on tax relief.
Would-be expatriates should note HMRC guidance, which advises: "If you become resident overseas your UK tax liability may depend on the terms of a double taxation agreement between the UK and the country where you are resident."
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