Personal Tax

[Roglass66]

Any one have any experience with personal tax codes?

  My UK bank has requested a Thai personal tax code.

    Not had one before, have not worked in Thailand and do not intend to. Only just started to receive a pension, transfer only what I need for living expenses.

  When arrived, was told as I did not work I did not have to pay tax. This I have found not to be true but getting a code as proven to be awkward. 

     Any advice appreciated.

  Thank you.

[topt]

On 5/20/2021 at 10:59 AM, Roglass66 said:

When arrived, was told as I did not work I did not have to pay tax. This I have found not to be true but getting a code as proven to be awkward. 

Why is not true?

Unless you earn income in Thailand currently no tax to pay.

Currently if you earn income elsewhere and remit to Thailand in the same calendar year (staying in Thailand for more then 183 days in a calendar year) you should pay tax on it..........

 

However currently if you say it is savings not income Thai Revenue won't bother as they cannot easily distinguish between the two and furthermore if you remit any income in the calendar year following when it is earned it is classified as savings anyway and not currently taxable - this is true for Thais as well as foreigners......

 

If you have a Thai savings account the bank will normally withhold tax on the interest which if you can be bothered you can claim back. To do this you need to apply for a Thai TIN and generally most people don't find this too onerous.

 

My offshore UK bank is aware I am in Thailand and also aware that I do not "need" a TIN as no tax to pay here and they have reluctantly accepted this. They keep asking however every year or so. You could also throw at your bank that Thailand has still not yet implemented CRS so not currently relevant - although theoretically it is due to be implemented in a couple of years.......

If you absolutely need one to keep your bank happy then go to the local revenue office and tell them you need one to reclaim withheld tax on bank interest.

 

Plenty of threads on here about people doing this and if you say where your local revenue office is based you may get someone chiming in with specific details.

 

 

[clivebaxter]

why would a UK bank want a Thai tax code? I never heard of this before

[maisodni]

This might not be fully updated and perfect, but for no-cost assistance, you probably cannot beat:  Thai Personal Income Tax Calculator

 

Good luck!

[topt]

10 hours ago, clivebaxter said:

why would a UK bank want a Thai tax code? I never heard of this before

They want to know where you are resident for tax purposes due to CRS ( https://www.oecd.org/tax/automatic-exchange/common-reporting-standard/ ) and if you say Thailand then they ask for a Thai TIN. 

 

It has been going on for a few years now. Many people would not tell their bank and/or may be still be tax resident in their home country anyway so would just use their NI no. if in the UK.

[Brierley]

10 hours ago, clivebaxter said:

why would a UK bank want a Thai tax code? I never heard of this before

Not  tax code, a tax ID number. A tax code is a UK thing which tells other how much tax you have to pay etc. A tx I is just a tax payer reference number which identifies the person to the tax authorities.

[treetops]

23 hours ago, maisodni said:

This might not be fully updated and perfect, but for no-cost assistance, you probably cannot beat:  Thai Personal Income Tax Calculator

 

Good luck!

 

Alternatively it may be totally irrelevant to the OP, which you either didn't read or didn't understand.

[soi3eddie]

I run (or at least try to) a couple of businesses in the UK, own a condo in Thailand and have interests in several properties in the UK. I simply fail to understand why UK citizens put themselves through a shedload of butt hurt by telling anyone when they retire or move to Thailand to live. Keep it simple. The UK banks <deleted> themselves as soon as anything "foreign" takes place and they want to drop you like stone because they cannot upsell you on useless banking and insurance. The HMRC are always happy so long as they are collecting whatever they can on your UK income/assets. If I ever get the chance to retire (unlikely for many years now due to the pandemic), the very last thing I will do is inform UK institutions and authorities that I am no longer in the UK. Maintain an address with friends or family and you will avoid a load of hassle. Never burn your bridges as one day you may need to return.

  

[ukrules]

Exactly, tell them nothing. Always worked for me.