chiang mai

It will be, once we see bottom, it's difficult to know how deep down that will be.

It is not that THB is increasing in value, it isn't, USD is losing value. Any currency that is valued against USD, appears to be strengthening as a result: https://www.marketwatch.com/investing/index/dxy

For all you market watchers, a sea of red is flooding forward: https://www.investing.com/indices/major-indices

I'm not sure that everyone understands the process involved, perhaps it's worth explaining. This is not a simple and straight forward matter of saying that no Thai tax is due, just because a tax return was filed overseas. In a simple and uncomplicated example....if a person earns say 13k Pounds in the UK, 12,570 of that will be covered by the UK Personal Allowance hence only the difference, 13,000 less 12,750 will be taxed at 20%, by the UK HMRC. If that 13k Pounds was then remitted to Thailand, the full 13,000k would need to be declared to Thai tax, assuming it was tax assessable income under Thai rules. The point here is that the UK Personal Allowance is not relevant to Thailand for tax purposes. Instead, Thai TEDA would have to be used to reduce the taxable amount and TEDA will vary from person to person based on age and circumstances. The other point to bear in mind is the GBP/THB exchange rate. The difference between 13k Pounds at 47 baht per Pound versus 13k Pounds at 40, may mean the difference Thail tax being due or not. If all of the above comes out to be that Thai tax is due and payable, the taxpayer will need to invoke the UK/Thai DTA in order to use the tax paid in the UK, to offset tax due in Thailand. By all accounts that is not a straight forward process and is complicated further by non-aligned tax years and tax credits that cannot always be carried forward.

Quite right too because it's nothing to do with them, it's all down to the MPC at the Bank of England to decide rates. The BOE contact details are below, in case you have spare time on your hands. 🙂 https://www.bankofengland.co.uk/contact

Historically, fair value against USD is around 32/33, which implies around 42 against the Pound, unless one side weakens or strengthens.

The problem is the value of USD and GBP are both falling, following expected rate cut news.

I wish I could but sorry, no I don't. To me it very much looks like you've converted it from a Civil Service pension to something else, the TRD is more likely to care about what it is now, not what it once was.

Perhaps look at it from the TRD perspective and ask yourself what they will see when they look at that pension.

All remittances from overseas are reported to the BOT, if tax is withheld on those remittances then that is reported to TRD.

I believe this is a Fed rate issue. The Fed has indicated rates will fall, beginning September, markets have penciled in three rate cuts this year. That means USD value falls as the return on cash is less attractive and should mean that US equities will increase in value.

The answer is in what you wrote, you said it, "was a Civil Service pension, until I changed it to an overseas QROPS". I think the pension is now, assessable, because it is no longer a civil service pension.