Jump to content
Message added by CharlieH,

Notice to Members:

Posts made by individuals reflect their own opinions and should not be taken as fact.

Please draw your own conclusions and consult a qualified professional before acting on any such advice or content.

Recommended Posts

Posted

Whatever amount of UK state pension is transferred to Thailand, will you get 100,000 baht pension allowance and 60,000 personal allowance?
 

Posted
10 minutes ago, anchadian said:

Whatever amount of UK state pension is transferred to Thailand, will you get 100,000 baht pension allowance and 60,000 personal allowance?
 

No! You are entitled to 50% of the value of the pension transferred to Thailand, up to a maximum of 100k Baht.

 

Plus, you are entitled to a 60 K personal deduction AND because you are over age 65 years, a 190k deduction.

 

  • Agree 1
Posted
4 minutes ago, anchadian said:

Thank you CM.

The reason I asked this question is 'Expattax' states for those on a low income pension remittance 100,000 pension allowance and 60,000 personal allowance.

 

https://www.expattaxthailand.com/taxation-overseas-pensions-thailand/

In their "Practical Scenarios and Case Studies" they suggest a 100k Pension Allowance, because the remitted pension is 300k, ergo, within the 50% rule.

 

Pension income is classed as Category I income. Most classes of income have an associated expense deduction which varies from class to class. If you look at the table in the Sherrings link below, you will see that Cat I income attracts a 50% deduction, to a maximum of 100k.

 

https://sherrings.com/personal-tax-deductions-allowances-thailand.html

 

 

 

 

  • Like 1
  • Agree 1
Posted
Just now, Liquorice said:

I was informed yesterday by the TRD that the new Thai tax forms will be available from the above site just before the New year.

Yeah.........!

Posted

Would some kind person tell me the different allowances I will be able to claim when I visit the tax office?  I have two small pensions coming directly to my Thai bank account from the UK.  I know about the 190.000 for being over 65, and the 60.000 each for the wife and myself.  I read somewhere that the first 1000.000 of my pension is not taxable, am I correct in thinking that?  Now, one I've been told, but never seen written is that the first 150000 of my assessable income is zero-rated.  Is this true?  I have some health insurance and read somewhere that you can claim up to 25.000.

Thanks in advance for any information.

Also, I had some advice earlier in the year from Mike Lister.  He was very helpful, Looks like he hasn't been active for quite a few months, I hope he is okay.

Posted (edited)
6 minutes ago, essexman said:

Would some kind person tell me the different allowances I will be able to claim when I visit the tax office?  I have two small pensions coming directly to my Thai bank account from the UK.  I know about the 190.000 for being over 65, and the 60.000 each for the wife and myself.  I read somewhere that the first 1000.000 of my pension is not taxable, am I correct in thinking that?  Now, one I've been told, but never seen written is that the first 150000 of my assessable income is zero-rated.  Is this true?  I have some health insurance and read somewhere that you can claim up to 25.000.

Thanks in advance for any information.

Also, I had some advice earlier in the year from Mike Lister.  He was very helpful, Looks like he hasn't been active for quite a few months, I hope he is okay.

The first 150k is indeed zero rated for tax.

 

You are entitled to deduct 50% of the value of your pension, up to a maximum of 100k. If for example you receive 300k per year, you can claim 50% of that or a maximum of 100k as a deduction. But if you only receive say 150k, 50% of that would be equal to 75k as a deduction and you wouldn't have enough to claim the maximum.

 

Health insurance premiums are tax deductible, as long as the premium is paid to a Thai company, in Thailand, maximum 25k.

Edited by chiang mai
  • Thumbs Up 1
Posted
58 minutes ago, chiang mai said:

The first 150k is indeed zero rated for tax.

 

You are entitled to deduct 50% of the value of your pension, up to a maximum of 100k. If for example you receive 300k per year, you can claim 50% of that or a maximum of 100k as a deduction. But if you only receive say 150k, 50% of that would be equal to 75k as a deduction and you wouldn't have enough to claim the maximum.

 

Health insurance premiums are tax deductible, as long as the premium is paid to a Thai company, in Thailand, maximum 25k.

chiang mai, thank you for you're swift reply, appreciated.

 

  • Thumbs Up 1
Posted
1 hour ago, essexman said:

I have two small pensions coming directly to my Thai bank account from the UK.

 

If one of those Pensions is a Government Pension, not taxable in Thailand and no need to declare it.

  • Agree 1
Posted
13 hours ago, The Cyclist said:

 

If one of those Pensions is a Government Pension, not taxable in Thailand and no need to declare it.

Yes, one is a Government pension,  

Posted
9 minutes ago, essexman said:

Yes, one is a Government pension,  

The State Pension is NOT considered to be a government pension. A government pension is one paid to civil servants, armed forces members, etc etc. Can we be clear about the source of your two small pensions please?

Posted
1 hour ago, chiang mai said:

The State Pension is NOT considered to be a government pension. A government pension is one paid to civil servants, armed forces members, etc etc. Can we be clear about the source of your two small pensions please?

Yes, one is a company pension and one is the state pension.

  • Thanks 1
Posted
5 minutes ago, essexman said:

Yes, one is a company pension and one is the state pension.

Thanks, a lot of people think the State Pension is a government pension, it's very confusing at times.

Posted
4 hours ago, essexman said:

Yes, one is a Government pension,  

 

unfortunately, as @chiang mai has pointed out, the State Pension is not a Government Pension and as such needs to be declared on a ThaimTax return.

  • Thumbs Up 1

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.




×
×
  • Create New...