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Brits living abroad 'can have tax advantages'

Brits who have chosen to live an expatriate life could benefit from certain tax advantages, say experts.

Finance portal International Advisor has suggested that savings could be made if expats chose to bank offshore.

Because some offshore accounts do not tax savings, interest on balances can build faster than it might in a conventional bank.

The firm explained: "Offshore banks do not automatically deduct tax from interest payments at source, as occurs in UK onshore accounts."

This, it claims "enables interest income to roll up and accumulate exponentially, thus increasing one’s annual return".

Another benefit expatriates might find is that offshore banks may not be affected by regulations found in the UK, which govern inheritance tax.

However, the chief executive of Foreign Currency Direct, Peter Ellis, has advised that people considering a move abroad should beware currency fluctuations.

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