UKresonant

'Are my UK state pension and or my private pension taxed in the UK regardless of my tax residency?' Yes, if the contracting state of residence is Thailand (in other jurisdictions a NT tax code may be possible) https://assets.publishing.service.gov.uk/media/5b05425fed915d1317445ed2/DT_Digest_April_2018.pdf https://assets.publishing.service.gov.uk/media/637e192f8fa8f56eabf75e5b/Double_Taxation_Treaty_Relief_Form_DT-Individual.pdf As Thailand is remittance based taxation, if you only send 50% of your pension to Thailand, who is taxing the other 50% in the UK . UK will tax it and you apply for tax credit relief along with the Thai submission, (or get a form from Thai RD to get the excess back from HMRC. Just a paperwork guddle for small amounts).

If you read Form DT-individual in conjunction with the 2018 DTA digest for UK / Thailand, unlikely that you would get a NT tax coding.

Taxable, if not savings pre 2024 or savings created whilst non tax resident in Thailand, If you are a newbie, plan it so you are under the 180 days in that calendar when you move the money across? (That's what I did back in 2018)

They are using the 180 day rule. It was the fiscal domicile, article 4 of a DTA (e.g.UK / TH), centre of vital interest. I was referring to.

It certainly would be good if the 2023 memo on the following year rule reinterpretation (or even if they made it year before last, treated as saving) was withdrawn. Anything I would be remitting often has already been taxed in the UK, and it's just going to be a big paperwork and time wasting exercise, and the need to keep a years double tax money as a float. (I'm not there all the time) But reverting the 2023 memo still may not mean no tax, they now have the Tech in place to enforce the 2022-23 situation, and it's unlikely that would change. If your center of vital interest is in Thailand, the potential for 'in year' ongoing Enforced Tax liability would not change most likely. The one year that I may have been Thai tax resident was cautiously funded from prior year! [Also hoping the Global Tax thing does not come, it would kinda like Mosquito repellent for there, for many]

Two entries, for UK folks, RTE London https://london.thaiembassy.org/en/page/exemp-visa

I did not think the UK state pension deferral was going to work very well for me, should I be over in Thailand at claim time (67 now);- Annual increases After you claim your State Pension, the extra amount you get because you deferred will usually increase each year based on the Consumer Price Index. It will not increase for some people who live abroad. https://www.gov.uk/deferring-state-pension/what-you-get ............ Still just under 6 years to go until claim date, unless .Gov default on it again. 40 years NI but would still need another 6 years NI to get full new state pension. Current thinking is the state pension will be piled into and ISA or a purchased annuity buffer as it could become a bit undependable, if it's more of a political football. Whispers on youtube that the politicians are going to restrict it for those that have put the effort in to their retirement plans, via means testing or taper. Another problem that the politicians recognized, the demographic change, but sat like dummies and did not address. Could have had hybrid building with a sovereign invested pension fund in play that would creep up to the proportion of the demographic change by now. UK .Gov project planning being pretty hopeless these days.

The devil will be in the detail. If it is paid as a part of an estate via a will I would not expect tax as Inheritance (under 100m THB) If it is written in trust and you are a direct beneficiary, as it's written in trust. I'm not sure (as I have some assets like that) Hopefully it would still.be accepted under IHT, but Thailand does not really have trust law.

The UK State Pension would perhaps not be under that section, it is possible that a person obtains it through credits for example from Child Benefit (or over 16 at high school if they still do that). It is not from employment directly. Previously the politicians said it was called a benefit, because you benefit from. Now thay are tacking towards oh it is a benefit not an entitlement, and are moving to change it.

The other scheme segment mentioned has a title that may suggest a Gov connection, but it is not paid by the Gov so is not on the "Taxed only in UK" list. But it is also a UK DB pension, assessable but hopefully credit relief should be relevant

In 2023 It was £1k+ for single entry, (£10k for the non-O Multi, which they are not offering since last autum) in the bank in the UK. In addition to your list they suggested an accomodation booking for the first couple of days.

It will be assessable. I have two pensions which in all other ways arise from a continuous period of service the Civil service pension segment not taxable in Thailand, the second segment may be taxed in Thailand unless they took the name of the scheme at face value .

It's not what they are after, but could ordering or locating it the records maybe suffice. https://www.scotlandspeople.gov.uk/content/ordering-certificates or GRO equivelent. "Stamped by Embassy _ letter", when they dream up such things, do they think the Embassy is there for that! But then if they want it every year.... Good luck....

Lloyds Banking group are quite good at SWIFT transfer if you have an account with them Lloyd's / Halifax / Bank of Scotland, and can do it online on the PC. Used them before a few years ago, straight into the yellow bank £9.50 per transfer

Default position is that you cannot get an NT tax code for normally taxed at source pensions in the UK, Gov pensions or otherwise (when tax resident in Thailand) DT Digest 2018, and form DT-Individual, note this. (HMRC do have some discretion, but not the norm)

If they should change the tax resident definition, they may see it as potentially widening the tax take. Individuslly others may view such, as more time that they consider to exclude themselves from Thailand. (They could make it 244 days of course from 180 days. Don't want to seem negative ) Of course the other potential reaction could be to ensure 183 days in the UK, every UK tax year, 6th April to 5th April, including just before tax year end. (DTA article 4 UK is my centre of vital interest, for all but one but fairly important aspect anyway ) Love UK and Thailand!

Would opening a non-resident FCD account in USD, be a possibility if it is a major branch? They could give a letter with Baht equivelent to use in the interim. A few years ago an upcountry branch would only open an FCD GBP account , with a non-O marraige Visa. (But not a Baht account). Months later a staff person said I could open a Baht bank account, if the wife comes along to vouch as an existing customer. All attempts in other banks at that time when asking to open a THB account at that time were "Do you have a work permit" etc.

Various views on the benefit to the Thai economy. But every Baht counts, should you lose base load from one sector it makes other sectors proportionally more essential. The Son reckons there is a faction that are tending toward the tourist that is to come and spend money in a short period, and they are focusing on that.

But if they do move to ww basis it would be a bit of a negative. UK £12570 allowance, is perhaps the baseline comparitor to Thai TEDA. But if becoming Thai Tax resident these evaporate;- £1000 interest allowance. £1200 (say) tax free (in the UK) ISA dividends. £3000, CGT allowance (even if it were just managing your investment So would have to reckon on being taxed on an additional £4k, over and above so the comparitor is more like £16000 UK tax free Vs Thai TEDA perhaps if were to become world wide income.

Interesting question, I've no idea about that one. I've only been Thai tax resident for one year in the past. But was always UK Tax resident.

£17k tax free quite possible if configured correctly For info https://www.gov.uk/apply-tax-free-interest-on-savings Starting rate for savings You may also get up to £5,000 of interest and not have to pay tax on it. This is your starting rate for savings. The more you earn from other income (for example your wages or pension), the less your starting rate for savings will be. If your other income is £17,570 or more You’re not eligible for the starting rate for savings if your other income is £17,570 or more. also....... Personal Savings Allowance You may also get up to £1,000 of interest and not have to pay tax on it, depending on which Income Tax band you’re in. This is your Personal Savings Allowance. To work out your tax band, add all the interest you’ve received to your other income. Income Tax band Personal Savings Allowance Basic rate £1,000 Higher rate £500 Additional rate £0 Interest covered by your allowance Your allowance applies to interest from: bank and building society accounts savings and credit union accounts unit trusts, investment trusts and open-ended investment companies peer-to-peer lending trust funds payment protection insurance (PPI) government or company bonds life annuity payments some life insurance contracts also... https://www.gov.uk/capital-gains-tax/allowances Capital Gains Tax allowances You only have to pay Capital Gains Tax on your overall gains above your tax-free allowance (called the Annual Exempt Amount). The Capital Gains tax-free allowance is: £3,000

Oops that could be a problem then. How could you ever get a tax number, without having a bank account to pay the income into, if it is all from overseas I wonder if it shall affect existing accounts, in any way?

Currently if your not over the 179days in the calendar year, not an issue for remittances. But can you be sure you will be under the under 179days, unless your final, (say) 19 days is upto 31st Dec. Thinking of possible sickness, accident, or flight disruption. The pre-2024 savings '162/2566 thing' is only currently relavant if you exceed the 179 days. Good to have a few packets of pre-resident savings, for when you do exceed the 179 days scenario.. One of the family does 3 x 59 days per year, but one visit straddles the tax year boundary in Dec / Jan, which could be adjusted slightly if required.

Interesting aspect, never thought of that aspect, I can visualize that for some acquaintances, far in the past. Yes, that could be a risk anticipated for some couples, in the event of a fall out. The the previous rule of remitting only savings from past tax years also perhaps mitigated the risk of 'do this or I will report you to RD' possibilities. (Luckily I can trust my wife implicitly, a spat is when I get the silent treatment for a wee while .)

Was thinking, if the wife filed, and I had tipped over the 179 Days, and I was noted on her form as filing separately. Would that flag up if they could not see a submission from myself I wonder?