Mike Teavee

I agree but allowances (Both in Thailand & the UK) depend on personal circumstances so I deliberately left them out to try to answer the question about how you could be liable to Tax on your Private Pension in Thailand, despite it already being assessed for Tax in the UK, as simply as possible. If I was to do it for me personally, I'm eligible to 60K Single Person Allowance & 25K Health Insurance allowance = 85K, so tax on the 560Kb could be.. - First 235K (150K + 85K) taxed at 0% = 0 - Next 150K taxed at 5% = 7,500b - Remaining 175K taxed at 10% = 17,500b Total = 25,000b Tax

Thanks for this, I filed my 1st Tax Return this year to reclaim withheld tax on interest from the Bank in 2021/2022 & it was such a hassle (+ still haven't received the money 5 months after the status was updated to "Successfully submitted (Receipt issued)" ) that I wasn't planning on doing it again (I only did it this year as I had to get a TIN for my UK Bank) so it's good to know that it's optional if I'm not receiving any income in Thailand (I'm living on Savings I brought over in 2020/2021).

It all depends on how the agreement is applied... E.g. A very simple example, you have a private pension of £12,500 pa (Approx 560,000b) which would generate no Tax as it's < the £12,570 Personal Taxation Allowance but your PTA in Thailand is 150,000 (Ignoring additional allowances), in a worse case scenario you could be liable to tax on all of it when you transfer it to Thailand . - First 150,000 taxed at 0% = 0 - Next 150,000 taxed at 5% = 7,500 - Next 200,000 taxed at 10% = 20,000 - Remaining 60,000 taxed at 15% = 9,000 Total Tax = 36,500b pa

UK does have a DTA with Thailand (1981) https://www.gov.uk/government/publications/thailand-tax-treaties Somebody has already posted the link to the complete (iirc 61 countries) of DTAs along with links to the treaties, a summary of them can be found here... https://taxsummaries.pwc.com/thailand/individual/foreign-tax-relief-and-tax-treaties

This video might be of interest to the OP's friend... It shows an example budget... ... and breaks it down so you can adjust it to your particular needs (e.g. We have friends & family visit a few times of the year so I go for 2br 2bth Condos near the Beach so obviously my Rent & Electric is a lot higher)

For IPhone Users: https://ios.gadgethacks.com/how-to/prevent-thieves-from-turning-your-iphones-airplane-mode-so-you-have-better-chance-track-down-0384535/

Are you sure you won't have to pay more tax overall? I have no idea how US Taxes work, but to use a few examples from the UK where additional tax may be due:- Tax Free withdrawal from a Pension, in the UK you can take up to 25% of your pension pot Tax Free (I believe you guys can do something similar with a Roth IRA). Where your Personal Allowance is > than the Personal in Thailand thus some of the income is untaxed (or taxed at the 0%/"Nil Band" rate). Where you have income from a Tax free asset (an example would be an ISA in the UK). Income from Rental, in the UK (and I've read US) you can deduct all maintenance costs, professional fees etc... so you're only taxed on the Net amount, in Thailand (I've read) you cannot deduct all of these fees so are taxed on a much higher amount. Dividends, in the UK you do not need to pay anymore than the Withholding Tax. Interest from Bank Accounts, in the UK you do not need to pay tax on the 1st £1,000 interest. Capital Gains, in the UK you do not need to pay Capital Gains Tax on profits from the sale of non-property assets. Appreciate these are all examples from the UK, as I say I don't know how Tax works in the US so don't now if any of these would catch you guys .

Depends on whether you were Thai Tax Resident in the years the income was earned & what Tax was paid on that income. E.G. I moved to Thailand full time in 2020 so any money I bring into Thailand that was earned before then is not taxable.

Another reason why taxing on remittance doesn't work & why most countries that tax foreign income, tax you on it whether you bring it into the country or not (Not that I want Thailand to do this as it would mean even more Tax to pay for me, but that is the only way I can see this working).

That would be the case if the "Not Sent in The Same Tax Year as Earned" rule was still in place but from 1/1/2024 they're saying income earned in previous tax years is taxable. So if the money your sending was from income in previous years then it is (DTAs aside) taxable. E.g. let's say in 2024 you get $15,000 in dividends, $15,000 in rent & $5,000 in interest, if you sent this $35,000 in 2025/2026/2027 etc... it would be taxable.

I believe it's only the letter confirming how much money you have in the bank (& your last entry in your bank book) that needs to be on/close to the extension date, Should be OK to get a 6 month statement produced & then get the 2nd 6 month statement a few months later. BUT as always, it depends on your IO so I would asked them beforehand.

50-60K at 60 is my expectation, when I renewed this year (just before my 57th birthday) I paid 31K (after a 10% no claims discount) which has 3.5M inpatient (no outpatient) cover & a 100K deductible.

154b pw (8K pa) if you meet all of the financial/insurance requirements, 241b pw (12,500 pa) if you don't meet the financial requirements + another 50bpw (2,500b pa) if you're on a Non-OA & don't have the insurance.

I believe your local branch can do statements of up to 6 months (I've had no problem getting 3 month statements from them) so could you not order a 6/9 month statement from head office & then get a local statement after your 1st December transfer hits.

If it's a sole account in your name your Son would not be able to close it after your death even if he has a POA as your account would be frozen until the Probate has been sorted out. If it's a joint account then the money should automatically revert to him (Rule of Survivorship) BUT this could be challenged by other people who have a legitimate claim on your estate (e.g. if you had other children). This article describes one such instance where the joint account holder (her son) was forced to pay the money back to the estate https://www.gadlegal.co.uk/news/elder-law/the-inherent-dangers-of-joint-bank-accounts

Well that's what I was asked for when I filed my Tax return this year to claim back Withholding tax. As an aside they also asked me to complete an income questionnaire & almost every question was about pension income to which I replied N/A as I don't have any. Still waiting to get the tax back 5 months later.

Your UK Pension will always be taxed in the UK though the 1st £12,570 will be taxed at 0% rate (subtly different than saying it's "Tax Free" but the end result is the same). Your work/income in Thailand should be taxed in Thailand though it being online might make things less clear, I would say if you're paying tax on it in Thailand today then it would stay the same.

You have to provide copies of your home country bank statements so they would easily be able to see money coming in & could ask you to show where it came from.

But I wouldn't be receiving the money, I'd transfer it directly into her bank account from the UK

I don't see how they can link it to you but I read on another thread that you're allowed to "Gift" up to 20Million so you would just say it was a gift (One of my "Plans" is to "Gift" the GF 1 Million Baht each year & let her pay all the bills) ???? I've mentioned this scenario before on another thread but every year I give my mate approx. £10,000 in the UK (money for his Kids presents & money he invests in the UK) & he pays me back in Thailand, I guess technically it could be said that I'm bringing this money into Thailand but how would they ever link the 2 things together? & if he's paying me back £3,000 125,000b for a flight to the UK that I paid for am I really bringing this money into Thailand?

Depends where the money came from that you Transferred, e.g. If you got a $20,000 dividend & added it to $80,000 savings to transfer $100,000 for a Condo purchase then the $20,000 is taxable (DTAs & Tax already paid aside).

This year, Think of it as Building Blocks with any additional Income/"Block" going on top of previous savings/"Blocks", if you move any of the Blocks you start from the Top and work down. So in your Scenario, 200K earned would be taxable (DTAs & Tax already paid aside) but anything over this would come from your 1Million Savings.

My plan was* to use the money as the $250K Investment I need to make to get the LTR Visa (My Income will be > $40K but < $80K pa so I need to add the Investment to qualify). *Still is the plan, will just do a Hotblack Desiato (https://en.wikipedia.org/wiki/Tax_exile) for 1 year & declare myself dead, well non-tax resident, to Thailand

The way this is normally done (e.g. for calculating Capital Gains on a Share Sale) is LIFO (Last In First Out) so if you transferred money from your account to Thailand & showed them your home country bank statements (Which you need to do as part of a Tax Return), they would go through any interest earned in that Tax Year & say that part of the Transfer was the Interest earned. Big difference now is they can go back any number of Tax Years Of course this gets more complicated as in Future Tax Years you somehow need to be able to say that some of the Interest has already been taken into consideration for Tax purposes :S

The more I think about this, the more my head spins... In 2 years & 4 months (not that I'm counting) I'll start to receive my Private pensions & am planning on taking the Tax Free Lump sum (which has obviously not been Taxed), if I were to transfer this to Thailand would I be liable to pay Tax on it? If yes then I better start planning where I'm going to live for the other 186 days of 2026).