Mike Teavee

22 minutes ago, Yumthai said:

No it's not that easy. Even if technically feasible, these actions if implemented could bring more damages than benefits for Thailand either political, social or financial.

It's very easy (Worked in IT for Global Banks for >30 years & it would take longer to get the permission to share the data than to do the technical side of things)... & I can't think of any downsides of them doing that. 

I believe that the main target of this (not really) change to tax regulations is Thai Companies & individuals that were using the next year loop hole to repatriate money so the fact that us "Foreigners" been caught up in it probably doesn't even register with them. 

34 minutes ago, Danderman123 said:

How would the Revenue Department possibly know who has income over 220K?

 

Yes, I know the RD could do all sorts of forensic accounting that they have never done before, but what are the odds that RD is going to check on credit card transactions for some Brit living in the village in Isaan? Or ATM transactions for some Farang living in Pattaya?

I’m referring to what you bring in from overseas so it’s really easy for them to ask all the banks to submit details of any foreign transfers, set a limit & flag people who bring in more than that. 

I plan on remitting 235,000 (my allowances +150K zero tax) & not filing a return but if I was remitting 2,350,000 I’d file a return as there’s a much greater chance that they’d flag me. 
 

6 hours ago, Lorry said:

Thanks a lot, a very clear answer.

Threshold for inheritance tax is 100,000,000 THB.

The inheritances I was taking about are less than that. 

So we arrive again at the question whether to file if no tax due. This question has been discussed in this thread ad infinitum...

It's very clear that if you earn/remit > 120,000 THB (220,000 if doing a joint filing with your spouse) then Technically you have to file a Tax return whether tax is due or not.  

Practically it's up to you whether you to file a return or not (TRD won't tell you that you have to file a return), I'll only be remitting 235K (to me + 210K to the GF) & won't be filing a return, if didn't already have savings in Thailand & needed to remit how much I actually spend then I would file a tax return. 

1 minute ago, Mike Lister said:

I am now quite sceptical about this rental income issue and the need to file a PND 94 twice a year, I just don't think that's correct.

 

If a UK citizen has rental income they must file an interim return (subject to thresholds) and in effect file a UK return twice a year. According to the video, it is now necessary to file a Thai tax return on that same income, twice a year also. That's four tax returns in one year on the same rental income, which doesn't pass the sniff test. That means the Thai RD wants a return filed on that income and tax paid, even before the annual accounting is done in the home country, there's no way that can be correct........sorry, I don't believe it.

Per the link you kindly provided it seems similar to the UK and depends on the level of income received (well remitted) 

https://mbmg-group.com/article/what-is-a-half-year-personal-income-tax-return-pnd.-94-and-who-has-to-file-it

So if I receive £1,000 net rental income & transferred £500 each month (approx. 23K THB) I would have "Earned" 138K (6 x 23K) between Jan and June so would need to file a 1/2 year return.... but if I brought it all over in July I would just have to include it in my annual return. 

4 hours ago, Mike Teavee said:

On the subject of who needs to file the video posted earlier (might have been in a different thread) suggests the trigger for filing with non-Thai sourced income is remitting more than 220,000 THB pa... 

During the Q&A he clarifies that it's 220,000 THB if you're married & 120,000B if not.  

Just now, Mike Lister said:

Which only reinforces the need to sell capital items either before moving to Thailand or in a year when you are not tax resident here.

Especially as around the 46 minute mark he goes to explain how Capital Gains work...

1. The gain is from the date you acquired the asset & not the date you moved to Thailand (obviously answers the question about whether you can use a valuation from 31/12/2023 - You can't).
2. Tax on the remittance is calculated as a percentage of the total gain so you can't claim you're just bringing the capital part over. 

3 hours ago, Mike Teavee said:

On the subject of who needs to file the video posted earlier (might have been in a different thread) suggests the trigger for filing with non-Thai sourced income is remitting more than 220,000 THB pa... 

 

I've shared the link from roughly where it's mentioned but a number of points prior to that are of interest so might be worth watching from the start... 

 

From the same video (approx. 41:30 mark) it seems that if you're bringing property rental income across you need to file twice per year... 

This is the 1st I've heard of this or the PND 94 form mentioned...  

Edit: around about the 45:50 mark he makes it clear that Capital Gains are calculated from the date you got the asset, not from the date you moved to Thailand, E.g. Shares I acquired 35 years ago would have no CGT due in the UK but as far as Thailand is concerned, the gain is the difference in value since then & not since 4 years ago when I became Thai Tax resident. 

18 minutes ago, JohnnyBD said:

Just your thoughts? Why is this issue getting so much attention in the media and on this forum, when the rule has always existed whereby a tax resident remitting foreign income over a certain level was supposed to file a tax return, but many never filed and TRD never enforced it. Why should those expats file a tax return now, just because of the media attention, when they never filed one before? What makes us think now, that TRD will enforce it. Just asking.

I think the fact that it is getting more attention will mean TRD are more likely to enforce it but I don't believe they have the capacity to go after everybody that hasn't filed so will use a cut-off number above the 220K and/or randomly select people who haven't filed. 

19 minutes ago, Mike Lister said:

Many people filed under the old rules, I'm one.

On the subject of who needs to file the video posted earlier (might have been in a different thread) suggests the trigger for filing with non-Thai sourced income is remitting more than 220,000 THB pa... 

I've shared the link from roughly where it's mentioned but a number of points prior to that are of interest so might be worth watching from the start... 

2 hours ago, Dioj said:

In 2024 bring in no more than 150K, which is still tax free. File tax return in early 2025 based on 150K and see how things are handled. See if they are honoring the double taxation treaties on taxes already paid overseas and, if so, then possibly bring in more in 2025.  

Don't forget that you have a 60K personal allowance as well as the 1st 150K being taxed at 0% so you can bring in at least 210K each year. 

My "Plan" is to:-

• Remit 210K (60K personal allowance + 150K 0% tax) to the GF 
• Remit 235K (same 210K as above + 25K as I purchase health insurance) for me 
• Send the GF 100K for her Birthday & Xmas (at worse this would be taxed at 5%).
• Use savings already in Thailand to cover the rest of the money I need 
• Spend 2026 as a Non Tax Resident so I can remit the 25% tax free lump sum from my pension & (possibly) proceeds from the sale of my house then go for the LTR Wealthy Pensioner visa  

Oh & I'll also be returning to Thailand on Monday with £7,500 in my pockets 🙂

If you defer starting your pension then it should still accrue yearly cost of living increases so it might be worth anybody approaching State Pension age & facing a frozen pension to consider deferring it for a few years whilst current increases are so high, as a bonus your pension will increase by 1% every 9 weeks.

10 minutes ago, MangoKorat said:

I think they would find it difficult to prove otherwise. Anyone who knows about this as I now do, shouldn't find it too difficult to provide such evidence.

 

I for example, have an apartment in the UK that I rent out.  The girl who rents that apartment has been there for years and I know her very well - she loves it and doesn't want to move. I'm pretty sure she'll agree to facilitate what I need so when I move to Thailand, that will become my address and it will be me that pays the council tax.  I will also make sure that I use my UK bank account regularly and leave and enter the UK by the back door when I return to visit family etc.

 

I would prefer not to do any of that really but it seems I will be forced to if I want my pension increases.

I'm not sure how you would leave the UK by the "Back Door" but even if you could, do you really want to rely on that "Door" still being there & the same tenant staying in your apartment for the 10, 20+ years of retirement? 

Currently I'll get my State Pension in 9 years & by that time I fully expect there to be no "work arounds" to make it look like I'm still living in the UK (not that I would use one anyway as I'm financially better off being Non-UK Tax Resident), I certainly don't expect there to be in 20 or 30 years so can either accept that my Pension will be frozen or move to somewhere where it's not.  

I'm curious about Capital gains.

E.g. If I bought £10,000 of shares in 2023 & on the 31/12/2023 they were worth £12,000 but I sold them today for £11,000 then I've made £1,000 Capital Gains as far as the UK is concerned but could I claim to Thailand that I've lost £1,000 as the shares were worth £12,000 on the 1/1/2024 deadline? 

Similar point with selling my UK property, in the UK I'm liable for gains since 6th April 2015 (& have a valuation at that date) so will pay Tax only on the gains since then, for Thailand could I get a valuation as at 31/12/2023 & claim that as the capital starting point for any gains?

41 minutes ago, Presnock said:

I change my retirement O to the LTR, and only receive a US govt pension which supposedly can only be taxed by the US govt so for the next ten years

If you switched to the LTR then you must be earning at least $40K pa (assuming you've invested $250K/9Million THB into Thailand, $80K pa if not) which is >120K THB per month & a very healthy budget, especially as you have to have Health Insurance or another $100K locked away somewhere.

If you're only spending 65K of that then you're building up a nice nest egg for the future or a few very good holiday each year 🙂

1 hour ago, Dogmatix said:

 

There is yet another method, I think used in the UK for remittance tax on non-doms' remittance of income.  Income is remitted first, then capital.  For example you have 100k and earned 50K in capital gains and dividends in a tax year.  You want to remit 20k declaring it as 18k tax exempt principal and 2k taxable income.  No dice. HMRC requires you to remit all the 50k taxable income before you can remit the tax free principal. So First out income, last out principal FOILOP may be the new Thai accounting standard when they get around to it.

Isn't that just LIFO (Last in First Out) which is what the UK typically uses for any kind of assets.  

6 hours ago, CARLO BALDASSARRE said:

Does Australia have a tax treaty with Thailand? Yes, Australia does have a tax treaty with Thailand. It's a Double Taxation Agreement (DTA) specifically designed to prevent residents of either country from being taxed twice on the same income.

bbbbbbboom boooommm!!!..

Not quite true, DTAs prevent double taxation on Income that is covered in the DTA so any income not covered can be taxed in Thailand even if you've already paid Tax on it in your home country. 

14 minutes ago, NoshowJones said:

What about the 12 kg on your carry on which is allowed on KLM? Surely that would need wheels even for a fit 6ft 76kg guy like me.

18KG If you're travelling Business Class 😉  

Seriously, thanks for pointing that out as I bought a cheapish (80,000 THB BKK-MAN return) Business Class Ticket with Air France/KLM which only allows you 1 item of checked luggage so now I know that I'll be packing my roll-on (hard case with wheels obviously) as full as I can + adding a few extra bits to my laptop rucksack, all will go nicely into the overhead bin.

If it's like the Air France flight coming over there'll be 1 overhead bin per seat, I could have fit twice as much stuff in there, in fact reading the KLM baggage guidelines I'm allowed 2 carry-ons (+ laptop bag) so I might pop out & buy another one 🙂  

4 hours ago, Lacessit said:

Perhaps the strangest was a Spanish airline, in the days before smoking was entirely banned. I get to my non-smoking seat, after the plane takes off the people in seats in front of me and behind me are lighting up.

I asked one of the flight attendants why. According to him, the smoke was distributed better.

 

I remember flying business class with KLM from Tokyo to Amsterdam. 1990's. The Dutch really knew how to do good airline food.

My parents were on a flight to Bulgaria & Mum smoked so asked for a smoking seat but Dad didn't so asked for a non smoking seat... They ended up sat in Aisle seats opposite each other... Left for Smoking, Right for non-smoking 😛    

2 hours ago, Bangkok Barry said:

 

It might depend on the airline and your nationality. My wife flew to London from Bangkok and her suitcase weighed around 60 kilos. I couldn't lift it when she arrived, and instead of going to our destination by train I had to pay over 50 pounds for a taxi. Similarly, her friend flew to Germany with a suitcase that weighed over 50 kilos. Both passengers were Thai. Both were not charged extra. Both flew Thai. I was 5 kilos over flying to Tokyo and was charged.

UK Health & safety guidelines suggest that the maximum weight per item of luggage should not exceed 23KG though most international airlines will allow up to 32KG  

Current industry recommendations in the IATA Airport Handling Manual include:

• the maximum weight of any single piece of checked baggage should not exceed 23kg (50lbs), without prior arrangement. Although this limit is widely accepted, some airlines will accept baggage up to 32kg, and some foreign carriers have even heavier weight limits.
• "heavy" tags/labels must be placed on all pieces of baggage which exceed 23kg with the actual weight shown on the tag/label
• baggage belt weighing scales at passenger check in points should have an audible or visible warning when any individual bag weight exceeds 23kg.

Where heavy bags are identified but not labelled the airline should ensure that systems are in place to ensure weight limits are implemented and heavy bags tagged.

Training and work procedures should include provision for team lifting or alternative lifting methods.

https://www.hse.gov.uk/airtransport/faqs.htm#:~:text=the maximum weight of any,have even heavier weight limits.

8 minutes ago, Neeranam said:

Hmm, Brits can enter the UK with an expired/no UK passport, the issue might be at the Airline check in desk going to the UK. 

I see what you're saying, enter the UK on your expired UK Passport and then leave on your valid Thai Passport... 

This Reddit thread seems to suggest that the UK does not have exit border controls save for "Random" checks which it wouldn't surprise me weren't triggered by something like somebody leaving the UK on a Non-UK Passport that they didn't enter with...

I don't see what they could do to you for doing so except maybe log the fact that you have left the UK.   

4 minutes ago, Nick Carter icp said:

 

   What, you just walked onto an airplane without going through immigration or anything like that ?

How was you able to do that ?

As a UK Passport holder yes, the passport is scanned at the check-in desk & you only need to show it again at boarding time to prove that your ticket is your ticket & your not using somebody else's ticket to board the plane.