Carrbhoy

Replies are not clear......some say as UK dervied income I pay UK tax only.........later replies are saying Thai Tax DTT does apply but I can claim tax credits from the UK for the pension dual payments.....I've asked for this to be clarified.

Thanks for your input - I've replied to this under the other message below.

So, this is where the replies so far start to get confusing. Up to reading this, I thought that UK Derived Income eg Corporate Pension / UK Buy To Let Income / UK Bank Interest / UK Equity Dividends are all taxable in the UK as a Non-Resident. No need to involve the Thai tax authorities. This is now saying, it is taxable by the Thai Tax authorities under the DTT but I can claim a tax credit (not refund) from HMRC under Article 23. Which is correct?

Thanks Skorts for the detailed reply. This is the position I want to be in.....I'll come back to you with any queries once I've had the opportunity to review the Taxcalc / UK Post box websites.

I had picked up that the online submission isn't possible for non residents. I wasn't aware of the different HMRC deadlines so thanks for your input and useful link.

Thanks for clarifying.

Thanks for your input. I don't currently have a Thai Tax ID (TIN) - I did a quick google and see that I do meet the criteria. So, should I obtain one? I see the later reply re claiming a credit rather than a refund. Same outcome as such - I'm now clear on how to get any monies due back. I think I want to go down the route of getting things in place which comply with both Thai / UK tax requirements from the outset.

Appreciate the link and your input. Thank you - very useful.

Thanks for your response.

Hi all, first off, not sure these queries fit into this specific forum but I'm sure there are other UK expats who will know the answers or be able to point me in the right direction. If I need to move it to the correct forum, please let me know. I'm from Scotland so UK citizen. I arrived in Thailand around 19 months ago and have a Retirement permission to stay. Completed my first renewal beginning of April. Travelled within Thailand during this period but not left the country so far. I therefore meet the UK non-resident criteria for Tax Year 2022/2023. I receive a UK company pension and have only recently advised them of my Thailand address. HMRC aren't currently aware I have been living abroad. I've only recently let out my Scottish address and had been using this for post etc. I will notify them soon as part of the Tax Self-Assessment submissions. Queries: 1) For Tax year 2022 / 2023, do I need to pay Thailand tax for my Income? This consists of a UK company pension (non Government if relevant) & Buy To Let. There is a small amount of Investment dividends. if so, as I've already paid tax on the Pension element of my income, can I claim a refund from HMRC? 2) Is it best to seek local advice? I was going to make an appointment with Siam Legal in Chiang Mai to progress. Any assistance or guidance is greatly appreciated. Regards, C

Thanks for the reply. I'll definately check with the IO in Chiang Mai before transferring any Cash to ensure I meet with the local requirements. Hopefully, I can reduce the Balance to zero and rely on the monthly 65k transfers.

Thanks for the reply. I've used this Wise code each month and checked that it does in fact show as FTT on my bank book entry. All good so far.

Thanks for your reply. Appreciate the info. Do you deposit 800k for a couple of months prior to the annual Renewal or not required?

It can be touched after I have extended for the first time & successfully met the Payment method of 65k Minimum criteria. This was always Plan A, I just needed guidance and advice on what I could do with the Above 800k monies in the interim.

I'm definitely doing this now that I know it frees up the funds in low interest accounts.

Thanks for sharing. I will do. I'll be armed with evidience of both too. Hopefully Chaing Mai IO will allow me to renew the 12 month permission to stay based on the minimum 65k monthly transfers so I can release the funds in the low interest account which I would like to use for other matters.

Buy To Let (B2L) - rental property in the UK. I'll avoid use of acronyms given the international audience!

Interesting.....another Option to explore. Thank you. Does anyone know if Chaing Mai IO do accept the combination method? I will ask next time I'm there.

I'm working through the Options. the transfer costs are significantly less than the increased B2L interest payments I will be incurring after August so it far from pointless. Thanks for your input.

Ah, is that where the 400k comes into play. So strictly speaking, I could reduce to 400k now and then after the 1st year extension has been granted, reduce to Nil. My intention is to leave at 800k+ & minimum 12 monthly consequtive transfers but good to know.

Ok. I will keep a minimum of 800k in the bank until the 1st extension is secured end of Q1 next year. I will also have made 12 (actually 15) monthly transfers of minimum 65k by then too. That was my plan. I will get the extension and also confirm with Immigration that I can transfer the 800k from the Thai bank account and now move to Monthly Payment method.

That was the plan. I've made the monthly payments of minimum 65k via Wise each month using the correct drop down option for long term stay and will continue to do so (no exceptions). After getting the 1st extension end of Q1 next year, I was going to reduce the bank balance to 400k. That was my understanding until you (and another Poster) confirmed there is no requirement to keep any money in the bank. This is great news - thank you.

Really? I thought it was a minimum of 400k and 65k monthly transfers.

But I would still need to transfer the minimum 65k per month? I want to use the amount above 800k & then the 400k (800 to 400 end of Q1 next year) towards some outstanding B2L mortgage.

Thanks for your reply - much appreciated. I will transfer the funds above 800k and leave a small buffer to cover any unexpected bank charges etc. If I move to the monthly 65k+ transfers, can I reduce the Minimum Balance to 400k throughout the year? This was my understanding - I planned on doing this after the 1st Renewal end of Q1 2023. I also want to move the funds from the Savings Account to a Fixed Account which has a slightly higher Interest Rate.