Keith5588

Thank you @Goodison and @Phulublub

Yes I  agree with you both. I am now in the UK and listened to Les last night. I did ask him previously to be very careful in wording a question to the DWP to remove any chance of an ambitious reply.

Strange that he still thinks he is correct.

He also discussed Thai Tax. I believe that his pension from the UK fire service is not assessed for Thai tax but I do think the UK state pension is assessed if brought into Thailand. Although the UK state pension is classed as income and subject to UK tax. 

Les very positively said UK state pension is not assessed.

I might be wrong with the tax as it does not affect me and I do not have time to check. I am just relying on memory which at nearly 72 is not always good.

Thank you @UKresonant I like the basket for each egg analysis.

And thank you  @Oliver Holzerfilled

Just now, BritManToo said:

Contact  Hargreaves-Lansdown https://www.hl.co.uk/

These are the only investment company that didn't try to cheat me, they have many options for you to to choose from.

Thank you @BritManToo  that's good information. I will either contact Hargreaves-Lansdown or Interactive Investor. 

Just now, Oliver Holzerfilled said:

SPIAs can be a good choice for some.  They are not scams.

 

https://www.aarp.org/money/personal-finance/what-are-immediate-annuities/

Thank you @Oliver Holzerfilled A good read.  I still have not fully decided except that I need to move the money from my old pension funds. 

Annuity rates are up at the moment but I could also move all the money to a SIPP and take a regular draw down.

I have made an appointment for tomorrow morning to have a 1 hour phone chat with a UK government person from Pension Wise.

1 hour ago, Liverpool Lou said:

An IFA would do the work for you but will not do it free of charge.  If they do not charge you a fee, they will be remunerated with commission by the insurer that they recommend and that commission comes out of your annuity purchase funds.  All the insurers will pay the IFA commission.   If you agree to pay a fee for the work you must ask the IFA to refund any commission he is paid to you.

 

If you go directly to an insurer, there will not be an up-front fee to pay but there will be policy charges that the insurer deducts from the annuity funds.  No professional service providers, be it insurers of IFAs  work for free.

Thank you for the clear advice  @Liverpool Lou 

To clarify some other committments.

I have no children, no immediate family at all in the UK.

I have transferred all my cash ISA money into stocks and shares and feel that is enough exposure to the stock market. The only person I want to protect if I die is my Thai gf / partner and I have already made sure that she will be OK.

I started a level annuity when I left work in 2009 giving me £400 per month. It's nice to have a monthly garranteed income with no action needed.

Thanks again.

Hi, I have had help from people in this forum in the past and am very grateful for that.

After spending nearly 8 years in Thailand I have arrived back in the UK 12 days ago to sell my house and sort some financial stuff including my Money Purchase Private Pensions funds.

I have 3 separate funds with different Insurance companies but they are all similar, quite old and I think with profit schemes. Adding all 3 I have a total of about £300,000. I have contact details for all 3.

My original plan was to contact a SIPP provider and move all 3 to this but now I am thinking of buying an annuity as the annuity rates are quite good and I want things to be simple in the future.

So take 25% tax free lump sum and buy an annuity with the rest.

My question what is the best way to go about doing this?

Do I need or would it be wise to have an Independent Financial Advisor help me?  If so would they charge me a fee?

Or could I just look on the internet to find the Insurance company offering the best annuity rate, contact them, and they would do all the processing, hopefully for free?

Any help much appreciated.  Thanks in advance

Keith

PS I will be 72 next month and am looking forward to spending the rest of my life relaxing in Thailand with minimum financial decisions.

I just had another look on the internet, some firms want you to register first which at the moment I don't want to do. I had a look at  https://www.airporttaxis-uk.co.uk/Norwich#booking
The lowest cost is £31 after a £3 discount for a saloon car. £43 for an executive car.
I accept that I initially was not investigating totally correct but I also have doubts that it would be as low as about £7.
When I initially looked I saw some prices as in CharlieH message but only if over 10 miles.
I will ask after I arrive at Norwich airport and if in the region of £10 may take a taxi but I also don't mind walking, people pay to do similar exercises in a gym 🙂
@Denim concerning buses, could you not have paid for 2 people with your debit card?

Thanks for your messages, it has been helpful.

16 minutes ago, Keeps said:

I live around the same distance from my local rail station. Last time I took a metered taxi the fare was £11 (Which I thought was extortionate).

 

For the bus I use my contactless debit card. However, I still see people paying with cash. The drivers seem to prefer you using the 'tap and go' but I don't believe they can refuse cash.

 

Below link details the bus options from the airport to City Centre. Might be worth using this option then just getting a taxi from maybe the rail station to your home? Might take longer but will probably be cheaper? I don't think the bus service to/from the airport runs on Sundays.

 

https://www.norwichairport.co.uk/to-and-from-the-airport/#:~:text=Airport Park and Ride runs,a Sunday or Bank Holidays.

 

 

Thanks a lot @Keeps The norwichairport URL you have given may be useful, I have saved it. 

Thanks for the suggestion about the buses but they would be taking me further away from my house. It's good to know that I could pay about  £11 but I will probably still walk it, good exercise 🙂

Thanks for your comments concerning buses, I might need to pay cash until I get a debit card.

8 minutes ago, CharlieH said:

Youve done something very wrong. The standing charge is 3.20 plus 1.24 per km

 

Check it out here: https://www.bettertaxi.com/taxi-fare-calculator/norwich/

Thanks a lot @CharlieH I must have got it wrong. I will investigate more.

11 minutes ago, Denim said:

It's called ' Rip Van Winkle ' syndrome.

 

I got it too last time I went to the UK for a visit. Before people winge about the cost of living in Thailand, they should go home for a visit.

 

A word of advice. Don't order a pint in a pub before asking the price. Oh yes , and remember ,buses don't take cash.

 

My 90 year old mother has a home help who comes in twice a week for a bit of house cleaning. 

 

A snip at 12 pounds an hour.

Thanks Denim.

I love Thailand even more now.

So how do I pay for a bus ride?

I am going to the UK soon after being in Thailand for nearly 8 years, to sort out many things including selling my house.
My house is 1.5 miles from Norwich Airport
I just did an online quote for the cost of a taxi. £40 for a 6 minute journey!
In my life I haven't used taxis much. Is it really that expensive for a taxi ride in the UK?
My bag going to the UK is not that heavy so I think I will walk home if that is the cost, I have done it before.

Or have I done something wrong?

My plans have now improved after reading different members advise and listening to the video.  

So assuming that I am able to sell my house.

1. I will make sure to spend less than 180 days in Thailand during 2025.

2. I plan to transfer enough money to Thailand this year while non resident to buy a house and also living expenses for a few years to avoid the need to file a tax return for a few years. In the next few years I will make sure to transfer less than 120,000 THB.

Thank you all for helping me

Keith

Would love some advice to help me fully decide what to do this year.

I have read most of this thread and have learnt a lot so thank you all so much.

I am a 71 year old male from the UK. I have had a relatively simple life in that I worked for the same company for 40 years in the UK.

I came to Thailand in 2017 after giving a Letting Agency control to manage my house. Until now I have not been back to the UK and love life here in Thailand. Each year I declare my income including rent to HMRC (HM Revenue & Customs)

I feel for several reasons that it is now time to sell my house. I plan to go to the UK in the very near future, probably March this year to do that.

I bought my house in the UK in 1980, lived in it until 2017. Hopefully I will sell it in 2025.

I plan to spend the first 2 months decorating my house before putting it on the market so I guess I will need to spend about 6 months in the UK, so it will not be any inconvenience to make sure I spend less than 180 days in Thailand during 2025.

So let’s assume that I receive £350,000 for the sale of my house and I pay £5,000 CGT.

I do also have savings of over £300,000 and proof that I had that in savings accounts at the end of 2023.

My intention is to buy a house in Thailand in the future.

As an aside I have looked into the details of buying a house in Thailand, I might have more to learn but I would look for my girlfriend of 8 years who I fully trust to buy the land freehold and also have a Usufruct contract. I know the area in Thailand that I wish to live and I like the thought of having my own house, all part of preparing for when older.

My question’s are:-

1. Can I transfer all of the money from the sale of my house to my Thai bank account via Wise in year 2025 or future years without any need to declare it to the Thai tax department? Basically it will not be assessable?

2. Should I definitely make sure that this year I spend less than 180 days in Thailand to be on the safe side?

3. Keep the money from the sale of my house in a UK bank or Wise, somewhere that I can receive a higher interest than in Thailand. Would I be confident that I could then transfer this to Thailand in a future year without paying any Thai tax, that it would not be assessable for Thai tax?

4. Should I forget about transferring money from the sale of my house to Thailand and just invest it in the UK. I would still want to look to buy a house in Thailand but could move my savings across confident after reading this thread that it would not be assessable for Thai tax?

I’m very interested what others would do in my situation.

Thanks in advance

Keith

17 minutes ago, Jaggg88 said:

I renewed mine online and didn't even have to provide a new photo as they asked permission to use my passport photo. You can redirect mail for up to 4 years with Royal Mail. You don't need a UK bank as Wise can offer all the same services but best to set Wise up while you still have a UK address. I use my friend's address and he opens the mail for me and takes a photo and I'm reading it in seconds. He rarely has to forward anything.

Thanks @Jaggg88 I agree with what you write except I would want a UK bank as well as Wise. I cannot give any firm reason but I think someone on a forum stated that their private pension provider would only pay into a UK registered bank. That may not be correct but better to be safe than sorry as they say.

@mrwebb8825 Because sending a letter to Thailand is more expensive, takes longer and is less reliable than sending within the UK.

15 hours ago, mrwebb8825 said:

OK, so the 'helpful suggestion' part, rent the house and instruct the post office to 'temp' forward only your mail to Thailand.

@mrwebb8825 I did write above "My friend has a large family and usually very busy, I think he would continue to help but he is also thinking of downsizing to a smaller house".  I haven't used a mail receiving / forward company but I would like one who scans and sends me the front of the letter they receive. I would make notes and envisage after the first 2 years for most I would just instruct to destroy most letters knowing that it is say just a yearly statement and for anything important the company has my email address. 

I will be in control and independant.
I am not sure what the future will bring, maybe I will give the mail receiving company a run for 2 years and if I am not happy then stop. Maybe as you think I will just register my friends address with companies if my friend is more than willing for that.

Concerning renting out my house and having Royal Mail redirect my mail. I have already stated that I have done that in the past and they will only do it for a few years. It is a personal choice but for me, at my age, I feel that it now makes little sense to keep my house.

5 hours ago, Letseng said:

I'm in my 70ties. As a consequence of being hit by a car 5 yrs ago I suffered a kidney injury which most likely require me soon to need dialysis. I have private medical insurance for inpatient cover. Dialysis will be my bill. This will eat into savings quickly. Back in Europe I will get it free. It is a difficult decision after spending my life overseas for nearly 50 yrs. 

@Letseng Thank you for the information, so sorry that you had the kidney injury. I decided to self insure and so do not have any health insurance myself. I guess you need to add up all the costs of staying in Thailand compared to going home to Europe. I guess living costs will be higher in your European country but dialysis free. Private hospitals in Thailand will be very expensive but I gov hospitals very reasonable. I hope you end up not needing dialysis.  

15 hours ago, OJAS said:

 

One important thing you'll need to bear in mind, though, regardless of whether or not you decide to dispose of your property, is that you'll almost certainly need to declare any rental income and/or capital gain arising from its sale, which is subsequently remitted to Thailand, as assessable income in tax returns which you'll have to file with the Thai Revenue Department (TRD), in addition to what you'll have to include in returns filed with HMRC. A good starting point for you on this whole issue IMHO would be the guide set out on the first page of the following thread on the Banking forum: 

 

https://aseannow.com/topic/1324294-introduction-to-personal-income-tax-in-thailand

 

Thank you @OJAS I have been declaring the rent I received from my property to HMRC. Actually over the past year I have received little rent much as I have had a lot of repair and maintenance jobs done. I will declare the details for Capital Gain to HMRC, actually I think they would be informed as well.  I think I am lucky in some way as I have enough savings to buy a house in Thailand and they are savings I had before 1 Jan 2024. So I have made a note to transfer these savings to Thailand and reinvest the proceeds of selling my house in the UK.

I plan to spend 2 months decorating my house before putting it on the market so I will plan to spend 187 days in the UK, so less than 180 in Thailand during 2025. I think that means I could transfer the whole proceeds of selling my house to Thailand during 2025 if I wanted to, but this is something I would need to check.

Myself I don’t think the Thai revenue department will investigate the average retired expat.

Thanks a lot for the link to the guide, Mike Lister has done an huge amount of work writing that. It looks to be very good, well written. I have the bookmark and will look at it when I have time.

41 minutes ago, VBF said:

I believe that the reason so many UK banks are forcing expats to close their accounts is basically their fear of being caught up in the ever-increasing money laundering regulations. Once you're out of the UK they see it that they may become liable for any rules you may choose to break, plus they may see it as harder to verify what you tell them. I'm not saying this is reasonable but that is how it appears to me. That and, of course they don't see you as a valuable customer if you're miles away - a somewhat parochial view IMO.

 

As regards offshore accounts (IoM / CI) they have traditionally been used by expat workers i.e. guys working in the Middle East or Offshore etc. They pay interest Gross which was an advantage "back in the day", but as the UK banks also do that, that's become irrelevant. 

When I was overseas, I found that the staff of these institutions were more empathetic with working across time zones, currency conversions etc. That may be where you might gain an advantage. As long as you could show that you were where you say you were, they were a lot more relaxed.

There was a time when certain people could hide bank deposits from governments if they chose - Jersey and the IoM offered privacy (aka secrecy). These days, with the various Exchange of Information rules in place, I don't think that applies any more and from what you've said won't bother you anyway.

 

Of course with modern communications (Online banking) things are far easier than when letters and faxes were the norm. 

 

Now I have to admit that my information is probably out of date as I closed my last offshore account over 10 years ago, but the general principle of expats using offshore accounts still applies I think.  I found that private banks NOT closely tied to UK banks were actually more helpful - I used https://nedbankprivatewealth.com/ but one has to deposit significant amounts to qualify - in their parlance be of "high net worth"

 

Any help?

@VBF  

Thanks for your thoughts on why some UK banks have closed accounts, you are probably correct. It’s very difficult to speculate when banks and the government seem to be making illogical decisions all the time.

Thanks for your explanation about the offshore accounts, it reminds me of speculating about working offshore for the higher pay and tax advantage when I was very young, but I never did. You also explain the past secrecy of these banks, I also thought I had heard that it now much more difficult but I didn’t know why, thanks for explaining.

I have just Google searched to find out what Private banks are. From the very little I have read they would not suit me, I might be able to qualify for one but it would be putting “too many eggs in one basket”. I think my plan of having quite a few bank accounts will give me enough peace of mind as it would be unusual if all were closed.

An update to clarify my own query.

I have had replies from all the mail forwarding companies and can confirm that the address you are given or can select is not unique to you. It will be an address shared with many other people.

At least two said they provide a unique client ID number which you can add into your address if you wish. If not they will just sort by the addressee’s name.

So I would advise if your name is John Smith take special care to use the provided ID number prominently.

9 minutes ago, Letseng said:

As someone who had planned never to return we sold our property in EU.  we are now in a situation where we may be better off returning. The rental option 20 yrs ago looked easy solution. Now rental properties at an affordable price are hard to find. To restart from scratch is more daunting than it would have been 20 yrs ago. 

 

 @Letseng  Thank you for your message and thoughts. Can I ask your age and why you think you may be better off returning to your country in the EU rather than staying in Thailand?

1 hour ago, VBF said:

@Keith5588 has already stated that he has a Thai driving licence and has no further need of a UK one but yes that's a valid point.

 

Also Keith, bear in mind that as you're over 70, you probably know that any UK licence is only valid for 3 years at a time now, so once it expires, you're basically done. I'm coming up against that one next year when I turn 70, however I do live in UK so not a problem for me.

 

Regarding bank accounts, I haven't read this whole thread thoroughly but have you considered banks in the Isle of Man / Channel Islands?  They are more geared up for UK expats.

 

Good luck with the move mate 👍

@VBF  Thanks for reminding me about my UK Driving Licence. I renewed it in 2023 and it expires in 2026. I will be in the UK next year and plan to renew it if I can renew over 8 months before it expires. I will check but it’s now not that important to me. If in the future I ever visit the UK and if I don’t have a UK Driving licence I believe that I can drive using my Thai Driving licence.

I haven’t considered bank accounts in the Isle of Man / Channel Islands. Up until now I plan to open accounts with some of the newer online only banks like Starling. Chase, Revolut, and of course Wise, hoping these will not send any letter post when instructed not to. Also that they will only ask for proof of UK residency when initially opening an account. I could be totally wrong!

I am quite ignorant concerning opening a bank account in the Isle of Man or the Channel Islands. I have assumed that these accounts are used by wealthy people to help avoid paying some UK taxes and so they probably need to pay more or meet high deposit amounts for these accounts, but again I might be totally wrong.

But you have a good point that they might be better for expats, I assume they would not close accounts dependant on where you live.

On this thread it has been mentioned that Halifax has closed an account because the holder cannot prove they are living in the UK. I am aware that this has been happening but I cannot understand why. Many expats that have left the UK formally worked for many years in the UK and have assets in the UK, and they need a UK bank account. I have read that for some bank accounts that have been closed the reason cannot possibly be money laundering so I am at a loss why they close accounts.

Can I ask do you know how the Isle of Man / Channel Islands bank accounts are better for UK expats?

Maybe I should start another post?

Thanks for the good wishes.

A bit of a summary

Thanks @Nemo. 

You are now the 3^rd person using ukpostbox.  I have had another look, it is £12 per month if you select a Pool, Dorset address, £21 if you select a Central London address. So for me £12 per month and if pay for a year it states 2 months free.  The other processing charges look reasonable e.g. for forwarding a letter £0.90 per item + postal cost.

Myukpost seems to be a bit more expensive at £20 per month + £1.50 per letter handled.

@scottiejohn I have just had another look and if I select the £20 per month plan it states “Price fixed for Lifetime” so I am guessing it was £12 when you started.

I sent messages yesterday to ukpostbox, ghostmail and myukpost. Only myukpost have replied and they replied quickly and I have just sent them another message to clarify some charges.

1 hour ago, Virtualrecluse said:

Same question, different issue. I may also lose my UK address (my sister's) next year. It's useful for showing proof to the bank of residence and other financial services but  I receive their monthly statements electronically anyway. I'm more concerned about how it would change my status vis the Inland Revenue and my claim to UK residency, tbh, esp. in view of when I have to ask for a new passport. In fact, I have permanent residency in Spain but I am not a citizen. Bit worried about not having any real claim to proper citizenship. Any advice much appreciated. 

 @Virtualrecluse 

I don’t think you will have a problem applying to renew your UK passport. I renewed my UK passport a couple of years ago in Bangkok. The processing company that works for the British Embassy needed copies of all pages of my existing passport, my email address, my current address where I was living (I think) and payment. I think your passport states where you were born etc. but not your UK address …… have a look in your passport.

I’m not an expert but having a mail forwarding address would not give proof of residency, no utility bills etc. but they will only enquire about that if they have a reason to I guess.