Mike Teavee

Here's one for you, over the course of a year I give my mate who works in Bangkok approx. £10,000 in the UK for his regular investing there & stuff he buys for his kids etc..., he pays the equivalent into my Thailand Bank Account. Am I bringing this money into Thailand?

Usual sloppy reporting, the official notice said "Tax Residents" i.e. anybody who spends 180+ days in Thailand in any one calendar/tax year.

State Pension yes (But you can have it directly paid into your Thai account if you like) Private Pension it depends on your Pension provider, some guys have reported success, others have said their provider says No...

As I posted in another thread, Barclays is currently allowing some customers to keep their accounts:- Under the latest closures, those with cash ISAs and fixed-rate bonds will be able to keep their accounts unless they live in Estonia, Italy, the Netherlands or Slovakia. The same rule applies to mortgage and loan holders with the UK wing of the bank. However, existing home loan customers will not be able to remortgage when their term ends. https://uk.finance.yahoo.com/news/barclays-debank-british-expats-134809331.html?guccounter=1 Remains to be seen whether they'll let people with a Stocks & Shares ISA keep their accounts (Guess I'll wait to see if they write to me saying they're going to close my account).

How long ago was this only for years now even the most basic credit/KYC check includes a check on the Electoral register & if they don't find you there you will be asked for proof of address. One of the Credit Check companies that Barclays use is Experian so I guess you could always do one yourself & see what happens... https://www.experian.co.uk/consumer/experian-credit-score.html [Don't worry, it's only a "Soft" check so won't show up on any future credit checks]. Edit: From the Experian site 6 ways you can benefit by getting on the electoral roll 1. Registering to vote improves your credit score. Your Experian Credit Score reflects your chances of getting approved by lenders, for things like a loan, mortgage or even a mobile phone contract. It’s based on information in your credit report. When you register to vote, your electoral details are recorded on your report. This data helps lenders confirm your name and address, so your score will increase as a result. You can check your score anytime with a free Experian account. https://www.experian.co.uk/consumer/guides/electoral-roll.html

Season 2 of the Murdaugh Murders has dropped on Netflix... Murdaugh Murders: A Southern Scandal https://www.imdb.com/title/tt26340238/

(Technically)... Yes if you have overseas income above 150,000 (+ allowances) THB that you bring into Thailand in the same Calendar/Tax year that it was earned. The DTA only comes into play when calculating how much Tax is due on the income.

UK for approx. 3 months (max 90 days as I have 2 "Ties" with the UK that mean anymore than this could see me losing my Non-UK Tax Resident status there). Penang OR Bali OR Davao for 3 months (alternate between them each year) 1 month holidaying somewhere I've never been (lots of places in South America I'd love to visit) Thailand for 5 months. Appreciate this is only easy to do when you don't have a family in Thailand, as it's just me & the GF I'd probably take her on the 3 month trip to the UK OR the 3 months in Malaysia/Indonesia/Philippines but she'll just have to accept that she won't see me for 4 months of the year.

If you're trying to open an account then they will check the electoral register so unless you're registered at that address (which could possibly mean more council tax for the owner if there is only 1 Adult currently registered there) you're unlikely to succeed. If you already have an account & are just trying to get the App working, then I did exactly this when I changed my phone last December using a GiffGaff SIM (took about 1 week to arrive, totally free), I don't know why I bothered putting credit on it at that time as I've never had an SMS/Call from Barclays on it but it could be they tried & failed as I don't think I put "International" credit on it. It did come in handy for my UK trip last May though so well worth having anyway.

But did you have a return flight as if you did, the system knows about it & the Airline Check-in staff wouldn't ask you for one either. The reason I ask is that a few years back, I was unable to use the self service check-in for a MEL-AUK flight with Air New Zealand as I was on a one-way ticket & exiting NZ on another one-way ticket (With Air New Zealand) to Perth.

I'm not saying that your Lloyds bank manager was wrong BUT If you read the article you'll see that Prof Baker was also told he could use his daughter's address only for Barclays to later contact him to say this was incorrect... Prof Barker said his wife was told by Barclays staff when she travelled to Hertfordshire that they would be able to re-register with their daughter’s UK address. But earlier this week, he received a phone call from the bank explaining that the advice he had been given was wrong and that his account would be closed after all. https://uk.finance.yahoo.com/news/barclays-debank-british-expats-134809331.html?guccounter=1

If you read the full article (Can get it here as Telegraph is behind a paywall https://uk.finance.yahoo.com/news/barclays-debank-british-expats-134809331.html?guccounter=1) - Barclays is saying that some people can keep their accounts... Under the latest closures, those with cash ISAs and fixed-rate bonds will be able to keep their accounts unless they live in Estonia, Italy, the Netherlands or Slovakia. The same rule applies to mortgage and loan holders with the UK wing of the bank. However, existing home loan customers will not be able to remortgage when their term ends. Crown employees and their spouses can also keep the accounts, and the bank will allow the account to remain open if the overseas address is for someone who manages the money, such as an accountant or lawyer.

As a UK Citizen, if you are not Tax Resident elsewhere, I believe the UK will treat you as Tax Resident in the UK for the purpose of any Tax Returns... That aside, UK Tax residency is not that as clear cut as number of days in-country, as a UK Citizen you can spend as little as 15 days in country & be Tax Resident... The automatic non-resident test An individual will be non-resident for a tax year if they are present in the UK at midnight at the end of the day for less than a specified number of days in the tax year in question, as follows: For an individual who was resident in the UK for one or more of the preceding three tax years the limit is 15 days or For an individual who was resident in the UK for none of the preceding three tax years the limit is 45 days or For an individual who works abroad ‘full-time’ throughout the tax year (broadly, 35 hours per week on average), without a significant break (more than 30 days, with exceptions for annual, sick or parenting leave), the limit 90 days. Such an individual must also have less than 31 days in the tax year on which he does more than three hours’ work in the UK. Days of presence will be disregarded where an individual spends a day in the UK due to circumstances beyond their control or where it is a day spent in transit. If none of the three tests above are met, the automatic resident tests must be considered. The automatic resident test An individual will be conclusively regarded as resident in the UK in a tax year if: They are present in the UK for 183 days or more in that years or They have a home in the UK for 91 consecutive days or more (where at least 30 days of that period fall within the tax year in question), are present there for some time on at least 30 days in the tax year, and during that 91 day period either have no home overseas, or have one or more such homes but are present for fewer than 30 days at each of those homes in the tax year or They work full-time in the UK for a period of at least 365 days, all or part of which falls within the year, without a significant break. More than three quarters of the days in the 365 day period when they work for more than three hours must be days where they work in the UK. Provided none of the automatic resident tests are satisfied, the sufficient ties test must then be considered. The sufficient ties test For individuals who want to spend more than 15 or 45 days a year in the UK and do not want to work full-time abroad, it is still possible to become non-resident. However, it will be necessary for them to substantially reduce both the amount of time they spend in the UK and the number of ‘ties’ they have with the UK. The sufficient ties test combines the concept of UK ties with the number of days that the individual is present in the UK. There are many situational complexities to each of the five UK ties but, in outline, the ties are: Family tie – the individual has a spouse, civil partner, unmarried partner or minor child resident in the UK. Children will not be taken into account if the individual sees the child in the UK on fewer than 61 days in the year or the child is only resident because they are in full-time education in the UK and they spend less than 21 days in the UK outside term time. Accommodation tie – the individual has accommodation in the UK that is available to be used by them for a continuous period of at least 91 days in a tax year and they spend at least one night there in the year. If the accommodation is the home of a close relative the ‘one night’ test is extended to 16 nights. This tie does not require the individual to own the accommodation so holiday homes and even hotels may trigger this tie. Work tie – the individual works in the UK for 40 or more days in a tax year, for at least three hours per day. 90 day tie – the individual has been present in the UK for more than 90 days in either of the previous two tax years. Country tie – the individual is present in the UK at midnight in the tax year as much as (or more than) they are present in any other single country. This tie applies to ‘leavers’ only (see below). The more ties an individual has the less time they may spend in the UK if they wish to be regarded as non-resident. Please note that the table below only applies when the individual is a ‘leaver’ (an individual who was UK resident in one or more of the three previous tax years). https://www.bdo.co.uk/en-gb/insights/tax/private-client/leaving-the-uk

It's not "Fine Print", it's been mentioned dozens of times on this thread already but if you Google "Tax Resident in Thailand" you'll find 100s/1000s of pages that all (well the correct ones anyway) state it is anybody who has spent 180+ days in Thailand in any one Tax/Calendar year... E.g. HSBC https://www.expat.hsbc.com/expat-explorer/expat-guides/thailand/tax-in-thailand/#:~:text=Residence status for tax purposes,more during a calendar year. Residence status for tax purposes Individuals are considered resident if they reside in Thailand for a period or periods totaling 180 days or more during a calendar year. Income earned overseas by Thai residents is also subject to PIT if it is remitted to Thailand in the year it is earned. The good news is that if their performance is anything like they've been so far with my Tax Return for last year, they'll only have the bandwidth to look at one person each... Bad news is that would probably be me ????

But how long do you stay out of the country between visits? It's the total number of days in any 1 Calendar/Tax Year so if you did... 90 days in Thailand, 90 days out 90 Days in Thailand 90 days out 5 days (remainder of the year) in Thailand ... You're Tax Resident.

If it did happen then I think the earliest they could do it would be from April 2025 (more like August/September by the time you get your processed return back) as any tax return done in 2024 would cover the 2023 Calendar/Tax year so the new "Rules" wouldn't apply.

Singapore doesn't Tax Expats on your typical overseas income (Pensions, Dividends, Rental Income, Capital Gains etc). whether you bring the money into the country or not (You can have it directly paid into your SG Bank Account, still not taxible)... https://www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/what-is-taxable-what-is-not/income-received-from-overseas In fact, Thailand following the same model as Singapore would remove the need not to bring the money into the country in the same Tax year so would be better for us ???? But I do agree, filing/paying Taxes in Singapore is an absolute doddle (plus you don't need to pay any of it until the May of the next year) & it would be great if Thailand was as easy... I completed a return for repayment of withholding tax on interest on my bank accounts in Feb, been shown as complete since April, still no sign of the cash & I won't be putting my head about the parapet to chase it now.

I also think I'll be caught up on this as I do the same with Dividend Income in that as a Non-UK Resident it is treated as Disregarded/Excluded Income on my Tax Return so I do not have to pay anything (above the already Withheld Tax) on it. I am supposed to declare/pay it in the country I am resident in but as I don't bring the money over in same Tax Year there is nothing to declare/pay. This new rule could see me having to declare/pay tax on the Dividend when I eventually bring the money over (Which given I typically re-invest the Dividend could be several years later when I sell whatever investment I bought with it). Going to be a nightmare to try & keep track of it ???? Oh and Capital Gains Tax will also be a problem, currently don't need to pay anything on profits from share sales, now going to have to try to keep track of when I bought each individual share, what money (Savings, Dividend, Income from House) I used to pay for it & how much I made/loss on it ???? Thailand for < 180 days pa is looking better & better all the time.

Crime https://www.imdb.com/title/tt12759778/ Season 2 has just started on ITV/ITVX...

From Today's Telegraph... Barclays to close accounts of all British expats Expats who bank with Barclays are to be stripped of their accounts in a move that could leave some customers unable to access their savings and pensions. British people living abroad will no longer be able to hold a Barclays UK current or savings account, the lender said. The bank began a review of its international offerings in 2021 and is now writing to customers with a six-month warning. Wealthy expats can open a global account with Barclays, which allows easy online access and currency flexibility, but need to maintain a balance of £100,000 in order to avoid a monthly charge of £40. https://uk.finance.yahoo.com/news/barclays-debank-british-expats-134809331.html?guccounter=1 Some good news if you have a loan, mortgage or Cash ISA (Not sure about Stock ISA) with them... Under the latest closures, those with cash ISAs and fixed-rate bonds will be able to keep their accounts unless they live in Estonia, Italy, the Netherlands or Slovakia. The same rule applies to mortgage and loan holders with the UK wing of the bank. However, existing home loan customers will not be able to remortgage when their term ends.

Not sold mine yet but will be next year given the way the UK is going for people who are only landlords because we rent out the house we used to live in. Will buy a condo in Thailand & put the other 65-75% into some Blue Chip stocks with the net result being I'll live rent free & get more income than the 4% (before agent fees & expenses) that the house is currently generating (My fault, I never raise the rent so it's at 2/3rds the normal market rate - as I said, I didn't get into this to be a landlord). If I ever go back, I'll sell the investments & buy a new place, why would I want to live in a 4 bedroom detached house in the middle of nowhere when I've been living in Condos for the past 16 years... Not even sure I ever want to live in a place with stairs again.

If we're talking about the 10/11% Withholding tax paid on Dividends in the UK then you (as an Individual) cannot claim a Tax Credit for this, and in reality you haven't paid it [Do the calculation on declared dividend x #Shares you'll find you haven't paid any Tax]... This "Tax Credit" is for the Company to offset the dividend against it's profits when calculating it's Corporation Tax, but it does come into play as a Non-UK Resident when it comes to the dividend being treated as "Excluded Income" as this should be the only Tax that you need to "Pay" & so no further Tax is due. If Thailand were to start Taxing Dividend Income being brought into the country from any previous Tax Year then it would be very costly & a nightmare to calculate for me as I typically re-invest the Dividend & only bring the cash in when I sell the asset at some point a few years later, by which time it has generated it's own Dividends which have been reinvested, sometimes back into the same stock which then has generated it's own dividends.... etc... ???? If you did need to pay additional Tax on any (Non-ISA) Dividend income that takes you over your allowances of £13,570 (£12,570 Personal Taxation Allowance + £1,000 Dividend Allowance), then you will pay tax on this at a rate of :- - 8.75% Basic Rate (£13,570 - £37,700) - 33.75% Higher Rate (£37,701 - £150,000) - 39.35% Additional Rate (> £150,001) You should be able to offset any of this additional Tax against any further Tax that Thailand applies (Will be treated as Income so 0-35%) if you bring the money across.

My private pension kicks in at 60 & because of the way defined benefit pensions work, I need to take the Tax Free element before/as part of the 1st payment, after that monthly payments are fixed (except adjusted for inflation) so there is no opportunity to defer any part of the tax free lump sum. State Pension will kick in at 67 for me.

I was talking about the tax free lump sum that you can take when you start taking your Private (in my case Defined Benefits/Final Salary) Pension which can be up to 25% of the value of the pension. State pension does count towards your personal taxation allowance and so any additional taxable income can take you over your PTA & you would be liable to tax on the excess.

The big difference is with the Elite Visa you are paying 900K for the Visa & so it's no longer your money (I believe you can purchase it without even bringing money into Thailand), but with the LTR you may need to bring in $250K "Investment" if your Pension is below <$80K pa & this money is still yours (e.g. you could leave it sat in a bank account if you liked). TBH I'm not concerned about it as if they were to start taxing expats who bring Investment money into Thailand it would kill foreign currency investment & as I say, there seems a simple enough way around it (Don't be Tax Resident in Thailand in the Year that you bring in the money).