Mike Lister

I don't think what you describe is a real issue, I don't think you have anything to worry about

Thank you for your kind and helpful post.

Nothing you do would surprise me. To summarize, your assessable income was over 120k but because filing would have resulted in a nill return, you were told not to file, is that correct?

Try hard, for all the other posters who need to understand.

Most likely this is a wait and see issue but in principle: The baseline amount of capital at 1 Jan 2024 is free of tax but interest income earned thereafter is not, unless taxed at a similar or higher rate than in Thailand.

Not a chance in the North

If it's good ham and the price is fair, there will be more than a few posters who will help you with that problem, you can put me down for a kilo.

There seems to be conflicting rules in play, one is the need to report all assessable income over the 120k threshold, versus, the need to file a nill return, for which there is no penalty if it is not filed. I'm hoping one poster who has already encountered this at the RD will help clarify. But essentially what you wrote is correct, the Gov. pension is exempt by virtue of the DTA so doesn't need to be reported, unless the forms are changed in the future. The State pension is taxable but if the amount is under your minimum taxable threshold, that will result in no tax being due.

Jim is absolutely correct, at present there is nowhere on the tax return to put non-assessable income but that doesn't mean there wont be in the future. It seems odd that taxpayers will be able to receive funds from overseas and make the determination they are not assessable, without there being some accounting for those funds. Bank transfer coding will go some way towards helping with this but that alone is not the entire solution.

I agree it seems unlikely but I can't imagine how this might play out in the longer term. I keep seeing reports of people being asked where they want to be taxed, here or back home but I don't know how that stacks up against where the income arises in the first place.....work in progress perhaps..

Yes, thanks, mine wasn't a very clear answer was it, I'll go back and edit it! :((

The article in the link says it all, Wall Street is calling it a once in a generation bet on EM. As said above, if the Fed cuts, EM will win big, it they hold, not a lot will change, if they increase, EM will get hurt. It all comes down to whether US inflation is up or down, a little or a lot, or flat.......roll up roll up, place your bets now. https://www.bnnbloomberg.ca/traders-line-up-for-once-in-a-generation-emerging-markets-bet-1.2027522

Thanks BMT but another poster, one page back, stepped in yesterday evening and posted the same link, just in time I might add. But thanks for your effort, it's appreciated. I'm sure there must be others who, despite reading these pages for decades, have never seen or understood that, which is why the links are importnant.

I agree that sort of information will be useful downstream but I don't think we're anywhere near to that point. Audits and fines on any scale are probably 12 to 15 months away at the soonest. In the meantime, what we desperately need is for posters to give us details of what happened when they visited the Revenue office because that will help many people plan and make better decisions.

This is interesting, it's the Mr Copper and Mrs Gold ratio: - Investors expect rate cuts as early as April in Europe and March or May in the US, with up to six cuts anticipated for the year. - The copper-gold ratio, a reliable indicator of rate direction changes, is currently rising, suggesting traders might be misjudging future rate movements. - Historically, a higher copper-gold ratio correlates with economic growth and potentially higher rates, challenging current market bets on central bank policy easing. If that is correct and rates do rise, the negative impact on US equities will be substantial, as it will on long dated bonds. The bigger impact however will be on EM, in particular Asia where currencies will become less attractive. https://wallstreet-now.com/en/articles/2024/01/28/copper-gold-ratio-signals-potential-rate-hike-misjudgment

They probably never will, why would they? Your Thai bank is receiving funds from overseas, so what? The post above refers to UK banks requesting Thai TIN's from their British customers who also live in Thailand, they want to know that the customer is registered for tax here and understand where that customer pays tax, the UK or Thailand.

Income that is earned after 1 January 2024, is taxable, regardless of when it is remitted.

Thank you.

Link please, or the posts will be removed as unsubstantiated hearsay.

Please provide a link from DWP, HM Gov or a reliable legal course such as UK Courts to confirm this statement.

I very strongly suggest you read what else was said in the thread after that post and to post more respectfully in the future. The forum rules are linked below, please read them: https://aseannow.com/forum_rules/

I've been aware of my cataracts for several years but Ophthalmologists' don't always agree on the staging of cataracts, Stages 2, 3 and 4 are coloured Grey Yellow and Brown respectively but this is not always clear cut. I had one Ophthalmologist try to sell me on cataract surgery 15 years ago when they were barely even in existence. I finally got two Opthas's to agree I am stage 2 and that means the surgery can wait, prior to that finding I was pretty convinced I need the op. hence I looked at Prince and Rutnin et al. I just got new glasses with a much stronger prescription in one eye, up from 1.75 to 3.50, most of that is to cater for the vison loss from cataracts in that eye. I'm pretty certain that when I am ready for the OP, I will have it done at Sriphat, that looks like the most cost effective and lowest risk option.

Done

Just make like nothing happened, you travelled to Thailand a few days ago and you plan on staying here for at least six months. Give them your Thai address so they can write and confirm plus give them your Thai bank details. Job done, nobody's the wiser, no trip necessary, everyone's happy.

BTW, I called DWP from Thailand and gave them my Thai address.