Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part II

[NoDisplayName]

4 hours ago, Danderman123 said:

I talked to a fairly wealthy ex-pat the other day about the new tax regulations.

 

He vaguely knew about it, and said that if he is forced to file a tax return, he is leaving Thailand.

 

That will be true for non-wealthy American expats as well.

 

The IRS has established rules such that a single taxpayer may earn up to $60,000 per year (approx) in passive investment income and pay zero tax.

 

These rules do not apply when filing tax returns with TRD, nor does Thailand allow capital losses to offset capital gains.

 

A US citizen faithfully following IRS regulations could be liable for annual tax liabilities of $10,000+ if tax resident in Thailand under a worldwide tax system...........and no tax credits available.

 

The current change to remittance taxation is manageable as tax resident.  Worldwide income is not.

[Mike Teavee]

Just now, NoDisplayName said:

 

How did you come to that realization?

 

In a year in which you are tax resident, you MAY be liable for tax on assessable income remitted to Thailand.

 

In a year in which you are NOT tax resident, you are NOT liable for tax on any funds remitted to Thailand.

 

Does this imply that NON tax residents may be required to file tax returns and pay tax on remittances?

 

I'd need a citation if your claim were true, as if one exists it would be a real game-changer.

 

I think @ballpointsummed it up nicely above...  As usual the TRD rules around this are "Open to Interpretation" & we had a discussion on this point in one of the main Tax threads (possibly even earlier in this one) which I came away from with the knowledge that I am potentially liable for Tax on any remitted Income earned whilst being a Thai Tax Resident & the view that Technically I could have to pay it even if I remitted it in a year when I wasn't Tax Resident but Practically I wouldn't be filing a Tax return so don't see how they could Tax me. 

 

Now TRD could argue that even though I'm not Tax Resident I am remitting taxable income so I should be filing a return but again, practically I can't see this happening. 

 

 

In any case for large remittances (E.g. the sale of my house) I will be making sure to be non-tax resident in the year the gain is realised & the year it's remitted... I feel much more confident that realising the Gain in a year I'm not tax resident is not taxable but again, wouldn't want to take the chance with a large sum of money. 

 

[NoDisplayName]

12 minutes ago, Mike Teavee said:

 

I think @ballpointsummed it up nicely above...  As usual the TRD rules around this are "Open to Interpretation" & we had a discussion on this point in one of the main Tax threads (possibly even earlier in this one) which I came away from with the knowledge that I am potentially liable for Tax on any remitted Income earned whilst being a Thai Tax Resident & the view that Technically I could have to pay it even if I remitted it in a year when I wasn't Tax Resident but Practically I wouldn't be filing a Tax return so don't see how they could Tax me. 

 

Now TRD could argue that even though I'm not Tax Resident I am remitting taxable income so I should be filing a return but again, practically I can't see this happening. 

 

 

In any case for large remittances (E.g. the sale of my house) I will be making sure to be non-tax resident in the year the gain is realised & the year it's remitted... I feel much more confident that realising the Gain in a year I'm not tax resident is not taxable but again, wouldn't want to take the chance with a large sum of money. 

 

 

I don't see it.  The law is clear, at least on this point. 

 

Going forward, tax residents are liable for tax on income earned from January 2024 when remitted while under tax residency.  Non tax residents are not liable for tax on remittances regardless of when income was earned.

 

Practically and technically, taxing non tax residents on remittances requires a major change in the law.

 

 

[Mike Teavee]

Just now, NoDisplayName said:

 

I don't see it.  The law is clear, at least on this point. 

 

Going forward, tax residents are liable for tax on income earned from January 2024 when remitted while under tax residency.  Non tax residents are not liable for tax on remittances regardless of when income was earned.

 

Practically and technically, taxing non tax residents on remittances requires a major change in the law.

You're probably right & I'm over thinking it but any income you earn during the time you are Tax Resident in Thailand is potentially liable for Tax when you remit it & I don't see anything in the TRD rules/laws that prevents them from asking you to file a return even if you're not Tax Resident should they see a large remittance or more likely, asking you to file one for the previous year when you become Tax Resident again....  

 

All feels like too much of a gaping loophole to me so even if they don't move to a Worldwide Income taxation model (which would be a game changer) then I think they'll close it quickly. 

 

Anyways I figure it's not worth taking the risk of having to pay >6.5Million THB in tax when I remit my PCLS/Capital Gains from the sale of my house so I'll be Non-Tax Resident in the year the income is earned & remitted. 

 

[NoDisplayName]

3 minutes ago, Mike Teavee said:

You're probably right & I'm over thinking it but any income you earn during the time you are Tax Resident in Thailand is potentially liable for Tax when you remit it & I don't see anything in the TRD rules/laws that prevents them from asking you to file a return even if you're not Tax Resident should they see a large remittance or more likely, asking you to file one for the previous year when you become Tax Resident again....  

 

All feels like too much of a gaping loophole to me so even if they don't move to a Worldwide Income taxation model (which would be a game changer) then I think they'll close it quickly. 

 

Anyways I figure it's not worth taking the risk of having to pay >6.5Million THB in tax when I remit my PCLS/Capital Gains from the sale of my house so I'll be Non-Tax Resident in the year the income is earned & remitted. 

 

 

Hope for the best, plan for the worst.

Your method is sound.

 

Thailand - Hub of Ambiguity!

[Lorry]

19 minutes ago, NoDisplayName said:

 

I don't see it.  The law is clear, at least on this point. 

 

Going forward, tax residents are liable for tax on income earned from January 2024 when remitted while under tax residency.  Non tax residents are not liable for tax on remittances regardless of when income was earned.

 

Practically and technically, taxing non tax residents on remittances requires a major change in the law.

 

 

This has been discussed a long time ago, when the TRD published the first set of FAQ .

People noticed that the TRD explained all kind of constellations and combinations of times being a tax resident, earning income and remitting income. They explicitly said what would be tax-free.

There was a glaring omission: earning money in a year you are tax resident,  remitting it in a year you were not a tax resident. Never mentioned as tax- free, never mentioned at all.

It was suspicious. 

[Yumthai]

16 minutes ago, Mike Teavee said:

I don't see anything in the TRD rules/laws that prevents them from asking you to file a return even if you're not Tax Resident should they see a large remittance or more likely, asking you to file one for the previous year when you become Tax Resident again....  

Tax residency law prevents TRD from asking you to file.

Different set of rules apply depending on whether you are tax resident or not. The main difference is non tax residents have to pay tax only on their Thai-sourced income.

 

 

[Mike Teavee]

25 minutes ago, Yumthai said:

Tax residency law prevents TRD from asking you to file.

Different set of rules apply depending on whether you are tax resident or not. The main difference is non tax residents have to pay tax only on their Thai-sourced income.

 

As I mentioned, I don't see anything in the TRD regs that prevents them asking a Non-Tax Resident to file (or more likely a returning  Tax Resident to file for the previous year when they were non Tax Resident if they see a large remittance) & if that income was "Earned" when you were a Tax Resident then they could argue a case that it is assessable income. But practically I can't see this happening, I'm just taking a "Belt & Braces" approach when it comes to a large remittance. 

 

 

Would be great if somebody who's planning on speaking to a Tax Advisor could get a definitive answer to this & a couple of other points:-

1. Are Capital Gains cumulative? E.g. If I made a gain on the sale of some shares, put all of the money into some other shares then sold those for a small Capital loss, would the Gains I got from the 1st sale count?
2. Can the 8.75% withheld tax on UK Dividends be offset against Tax owed in Thailand (if yes then I'd guesstimate you could bring in approx. £22,500 dividends before any Thai tax would be due). 

 

[Presnock]

On 5/22/2024 at 7:55 AM, Dogmatix said:

One point that is generally overlooked is that many expats living in Thailand off foreign source income were in violation of the Revenue Code prior to the effective date of P. 161/2566. The 1987 ruling clarified that foreign source income remitted to Thailand in the same tax year it was earned was assessable for Thai tax.  Anyone who got their pension remitted direct to Thailand was very obviously required to file a tax return and pay Thai tax, subject of course to DTA tax credits.  If those expats start filing a tax return for the first time in 2025 and the RD sees the evidence of pension being remitted direct to Thailand that was obviously in place before Jan 2024, they are quite entitled to ask how long the expat has been receiving this income in Thailand.  Then they are entitled to do an audit going back 10 years, if tax returns were not filed, and arbitrarily assess tax, penalties and interest. Given that the RD didn't really attempt to enforce the tax on same tax year remittances in the past, it seems unlikely that they will do this now as a matter of policy.  However, as we know that much is left up to the discretion of individual officers and inspectors, some of whom enjoy low hanging fruit, we cannot say the risk of this happening is zero. 

 

This could come to pass very quickly too especially if the taxes they garner this year are nowhere near what they are hoping for or expect so they might just look to see where else they might find a baht or two!  Hopefully the DTA will protect most of the folks.  good luck

[NoDisplayName]

21 minutes ago, Mike Teavee said:

Are Capital Gains cumulative? E.g. If I made a gain on the sale of some shares, put all of the money into some other shares then sold those for a small Capital loss, would the Gains I got from the 1st sale count?

 

If you asking whether the total gains+losses is the figure used for determining tax on assessable remitted income, the answer is a definite NO.  Only gains are considered, any losses are invisible to the system.

 

This is a big reason why worldwide taxation will be such a huge problem.  Other countries allow losses to offset gains, tax loss harvesting, or selling to repurchase to reset cost basis, are methods to reduce taxes at home which will greatly increase the tax burden here.

 

Capital gains from sale of foreign stock are taxable.

Capital losses from sale of foreign stock are disregarded.

Losses do not offset gains.

 

If these are Thai stocks held in a Thai account, then irrelevant.  Capital gains from SET stocks are not taxable.

 

 

 

[LivinLOS]

On 7/22/2024 at 4:53 PM, stat said:

So is the majority of the UK guys still tax resident in UK as well as in TH? Thx!

 

But cruciually they should not be, the UK is a territorial tax regime and once you leave you should file a P85 and tell them so (and obtain an NT tax code for domestic income taxed at source like pensions). 

That is how the DTA is to be looked at, now will Thailand say 'ok you paid it there.. thats pre taxed have a tax credit' which imo they are likely to, or will they say under the DTA you shoudlnt be paying it there, you should pay it where you are resident ie here, and you now should apply to the UK for a UK tax credit against your Thai bill which is xxxxx.. 

Thats entirely possible in law and even how it 'should' be done.. Any expat moving to eg portugal or another developed country with a properly applied tax system would operate like this. 

[bkk6060]

5 hours ago, Ricardo said:

Currently I'm still aiming to reduce my visible-transfers, and hoping to stay below-the-radar, by bringing-in less than B500k so not filing because I don't owe anything.  Does that definitely not work now ?

If you are here more then 180 you have to file no matter what.

[motdaeng]

6 hours ago, Ricardo said:

Currently I'm still aiming to reduce my visible-transfers, and hoping to stay below-the-radar, by bringing-in less than B500k so not filing because I don't owe anything.  Does that definitely not work now ?

 

25 minutes ago, bkk6060 said:

If you are here more then 180 you have to file no matter what.

 

to be more precise...

 

if you are a married tax resident and transfer under 220,000k (assessable income) in the tax year into thailand,

you do not need to file a tax return ...

 

if you are a single tax resident and transfer under 120,000k (assessable income) in the tax year into thailand,

you do not need to file a tax return ...

 

 

 

https://www.expattaxthailand.com/your-questions-answered/

[Mike Teavee]

12 minutes ago, NoDisplayName said:

 

If you asking whether the total gains+losses is the figure used for determining tax on assessable remitted income, the answer is a definite NO.  Only gains are considered, any losses are invisible to the system.

 

This is a big reason why worldwide taxation will be such a huge problem.  Other countries allow losses to offset gains, tax loss harvesting, or selling to repurchase to reset cost basis, are methods to reduce taxes at home which will greatly increase the tax burden here.

 

Capital gains from sale of foreign stock are taxable.

Capital losses from sale of foreign stock are disregarded.

Losses do not offset gains.

 

If these are Thai stocks held in a Thai account, then irrelevant.  Capital gains from SET stocks are not taxable.

 

I was thinking more a scenario where somebody:-

• Bought some shares several years ago for £10,000
• Sells them for £20,000 making a Capital Gain in the UK of £10,000 which (as an Expat) is not taxable.
• Instead of remitting the money, spends the £20,000 on new shares & sells them shortly after for £19,900 (£100 lost on Dealing fees + spread between buy/sell price).
• Remits £19,900 to Thailand

Have they remitted £10,000 of "Savings" + £9,900 of Capital gains OR  zero capital gains as they made a small loss on the second purchase?

[Yumthai]

37 minutes ago, Mike Teavee said:

As I mentioned, I don't see anything in the TRD regs that prevents them asking a Non-Tax Resident to file (or more likely a returning  Tax Resident to file for the previous year when they were non Tax Resident if they see a large remittance) & if that income was "Earned" when you were a Tax Resident then they could argue a case that it is assessable income.

Law will have to be amended if they want to require non-tax residents to file for (previous years) foreign-sourced income remittance. Not legally possible otherwise.

[Mike Teavee]

Just now, motdaeng said:

 

 

to be more precise...

 

if you are a married tax resident and transfer under 220,000k in the tax year into thailand,

you do not need to file a tax return ...

 

if you are a single tax resident and transfer under 120,000k in the tax year into thailand,

you do not need to file a tax return ...

 

 

https://www.expattaxthailand.com/your-questions-answered/

Just to clarify it's 120K/220K of assessable income so somebody remitting 1Million THB pa of US Social Security "Income" would not have to file a return as they have no assessable income. 

[LivinLOS]

I assume this has already been postyed as its many weeks old ?? apologies if it has and this is a known thing. Roi Et immigration asking for banking balance, deposit type etc. 

But here can really see how immigration can start looking at how much savings you have here, and how next year any difference from this year could need to be justified. 

The vast majority of the expats I meet in the real world seem to just be in total denial that the systems are changing, they are adopting an ignore it plan of action.. 

 

 

[LivinLOS]

16 minutes ago, Mike Teavee said:

Just to clarify it's 120K/220K of assessable income so somebody remitting 1Million THB pa of US Social Security "Income" would not have to file a return as they have no assessable income. 

 

Your mixing up assessable income and liability.. Someone who remits 1 mil thb funds has a 1 mil assessable income they 'might' have to justify.. Of course if it is social security, or pre jan 1 savings, or otherwise protected under a DTA then it may have no liability, but it IS still assessable to determine that. 

If they choose to go this hard on it is anyones guess, this is all too new to know. 

[jwest10]

1 hour ago, Yumthai said:

Tax residency law prevents TRD from asking you to file.

Different set of rules apply depending on whether you are tax resident or not. The main difference is non tax residents have to pay tax only on their Thai-sourced income.

 

 

Yumthai
Tax residency law prevents TRD from asking you to file. 
Just quering but id you are right fair play but not seen this but the Revenue, frankly seem to not have a clue on anything and same as the lawyers and other experts with wildly different view points.

[UKresonant]

5 hours ago, ballpoint said:

 

I think Ricardo has a point though.  The income you earn over the four years when no remittance is made is not liable for Thai taxes.  And you are not a tax resident the year in which the remittance is made, therefore, (in theory) that remittance is tax exempt. 

 

Looking at the Thai Revenue Department's definition of a "taxable person"

 

"Taxpayers are classified into “resident” and “non-resident”. “Resident” means any person residing in Thailand for a period or periods aggregating more than 180 days in any tax (calendar) year. A resident of Thailand is liable to pay tax on income from sources in Thailand as well as on the portion of income from foreign sources that is brought into Thailand. A non-resident is, however, subject to tax only on income from sources in Thailand."

 

I suppose "A resident of Thailand is liable to pay tax on income from sources in Thailand as well as on the portion of income from foreign sources that is brought into Thailand" could cover income earned while a resident, but remitted when not, but that could be countered by the next sentence. You are a non-resident that year, who is bringing income into Thailand, therefore it is not subject to tax.  The only thing we do know for sure is that, if you are a Thai tax resident the year you bring in that income, no matter what year it was earned, you must declare it for tax purposes.

 

There is also (currently) no mechanism with which they can tax remitted funds from any source if the remittance was made outside of Thai tax residency. Changing this would require a major change to the definition of "taxable person".  Maybe if enough people actually start carrying out the year's non-residency ploy they will get around to changing that definition, but, in the meantime, it appears you are quite within your rights not to file a return for the year you were non-resident.

 

Having said all that, if I do go with that method, I would sell and remit funds during the same year I was non-resident, thus removing any ambiguity. (Although then it could be argued that I am selling capital gains made, but not realised, while I was a resident.  As far as I'm concerned, however, I only earn the gain when I sell the funds. And I'm sticking to that).

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! 

 

 

[Mike Teavee]

45 minutes ago, LivinLOS said:

 

Your mixing up assessable income and liability.. Someone who remits 1 mil thb funds has a 1 mil assessable income they 'might' have to justify.. Of course if it is social security, or pre jan 1 savings, or otherwise protected under a DTA then it may have no liability, but it IS still assessable to determine that. 

If they choose to go this hard on it is anyones guess, this is all too new to know. 

I believe it's self assessment so it's up to the individual to judge whether it's assessable income or not & US SS is not so no need to report/file.

[NoDisplayName]

1 hour ago, Mike Teavee said:

I was thinking more a scenario where somebody:-

• Bought some shares several years ago for £10,000
• Sells them for £20,000 making a Capital Gain in the UK of £10,000 which (as an Expat) is not taxable.
• Instead of remitting the money, spends the £20,000 on new shares & sells them shortly after for £19,900 (£100 lost on Dealing fees + spread between buy/sell price).
• Remits £19,900 to Thailand

Have they remitted £10,000 of "Savings" + £9,900 of Capital gains OR  zero capital gains as they made a small loss on the second purchase?

 

We don't know.  Depends on how YOU (currently) are able to self-assess your income, and whether you will ever need to provide documentation to support your claim.

 

In my non expert opinion......you made money on the first sale, but did not remit it, so not assessable and no tax due.  The second sale resulted in a loss, so not assessable and no tax due.

 

As to the first sale,  £10,000 is gain that you can reinvest rather than remit.   £10,000 is original capital that you can remit as non-assessable..............In my non expert opinion. 

 

If correct, that's a clever workaround.  Sell prior stocks at a gain, then buy and sell (same or other) stock for zero gain, then remit entire proceeds from the second zero-gain sale as non-assessable.

 

Others claim that any remittance of those funds would be X% capital and Y% gain until the entire amount was remitted.  But that's assuming it's possible to track any individual remittance to one specific transaction.

 

If TRD begins worldwide income taxation, then you pay tax on  £10,000 capital gains from the first sale regardless of remittance.

 

This is where the problem with multiple governments taxing the same income lies.  The IRS allows up to $60K capital gains (including exemption) for single filers with zero tax.  I take advantage of that by selling funds with large gains at zero tax, repurchasing immediately at a much higher price, thereby increasing the cost basis reducing future tax.

 

That $60K has been 'taxed' by the IRS, but no tax was due.  Thailand sees that as assessable income.

 

Same with capital losses offsetting capital gains.  Zero tax due to the IRS but the entire gain portion would be assessable by Thailand.

[stat]

2 hours ago, Mike Teavee said:

As I mentioned, I don't see anything in the TRD regs that prevents them asking a Non-Tax Resident to file (or more likely a returning  Tax Resident to file for the previous year when they were non Tax Resident if they see a large remittance) & if that income was "Earned" when you were a Tax Resident then they could argue a case that it is assessable income. But practically I can't see this happening, I'm just taking a "Belt & Braces" approach when it comes to a large remittance. 

 

 

Would be great if somebody who's planning on speaking to a Tax Advisor could get a definitive answer to this & a couple of other points:-

1. Are Capital Gains cumulative? E.g. If I made a gain on the sale of some shares, put all of the money into some other shares then sold those for a small Capital loss, would the Gains I got from the 1st sale count?
2. Can the 8.75% withheld tax on UK Dividends be offset against Tax owed in Thailand (if yes then I'd guesstimate you could bring in approx. £22,500 dividends before any Thai tax would be due). 

 

Since when is there a 8.75% witholding tax on UK dividends? I always received my UK dividends tax free. Thanks!

[Phulublub]

1 hour ago, stat said:

Since when is there a 8.75% witholding tax on UK dividends? I always received my UK dividends tax free. Thanks!

It isn't a withholding tax, but if you are a basic rate taxpayer, you are laible for tax on dividends at 8.75%.

 

However, those non tax rsident in UK can have dividend (and saving interest) classed as "disregarded income" when calculating the amount of tax due to UK Government.  See:

 

https://www.gov.uk/government/publications/non-residents-and-investment-income-hs300-self-assessment-helpsheet/hs300-non-residents-and-investment-income-2024#how-the-restriction-works

 

 

PH

[TroubleandGrumpy]

4 hours ago, Mike Teavee said:

Would be great if somebody who's planning on speaking to a Tax Advisor could get a definitive answer to this & a couple of other points:-

1. Are Capital Gains cumulative? E.g. If I made a gain on the sale of some shares, put all of the money into some other shares then sold those for a small Capital loss, would the Gains I got from the 1st sale count?
2. Can the 8.75% withheld tax on UK Dividends be offset against Tax owed in Thailand (if yes then I'd guesstimate you could bring in approx. £22,500 dividends before any Thai tax would be due). 

No point paying for advice that is uncertain - they do not know because TRD has not confirmed or denied this question and a heap of others.  TRD has a lot of unanswered questions at their feet and they are saying nothing. The brief non-sensical answers they gave to fictitious questions early this year, only lead to a series of more questions.  TRD vastly under-estimated how complex this matter would be and it appears their strategy right now is to leave it to the Tribunal/Court to decide.  Any tax expert or consultant you ask is not going to know the answer for certain - but they will gladly charge you a fee for providing an elusive non-binding vague answer under strict non-liability conditions. Only TRD can provide definitive answers, but unlike is the 1st world where the Tax Dept/Office is a professional organisation and where they provide detailed answers and briefings, Thailand is a 3rd world country when it comes to taxation - hence why in a country of 50+ million workers less than 10-12 million actually lodge a tax return.  IMO if it is at all possible, avoid dealing with TRD for a few years or so - they are under huge pressure to get more tax money and Expats are an easy target if they raise their head up. It will all settle down eventually, but I reckon at least a year or two TRD is best avoided if you can.  I have advice from one tax expert that states because I have no income taxes to pay (after TEDA) then I do not need to lodge a tax return (under current TRD lodgement rules). TRD might change that lodgement 'rule' and demand all tax resident earning over 60/120K lodge a tax return even if they pay no taxes (like rice farmers who are exempted under TEDA). But then they will be demanding 20-30+ million Thais lodge a tax return for the first time in their lives, and that would be an electoral disaster for the Govt.

[motdaeng]

23 minutes ago, TroubleandGrumpy said:

TRD vastly under-estimated how complex this matter would be and it appears their strategy right now is to leave it to the Tribunal/Court to decide.   ....  Only TRD can provide definitive answers ...

 

i completely agree with you on this ...

 

however, i think the TRD will respond, address questions, and clarify things after you submit the tax refund for 2024.

for the moment, the basics for filing the tax return seem to be clear, but beyond that, there is a lot of uncertainty and speculation ...

in the end, the TRD will make the final decision, whether we like it or not ...

 

therefore, my advice is to keep it simple and play it safe for this year, like transferring only so much assessable income

so you don't have to pay any tax for 2024 ...

 

 

 

[Mike Teavee]

2 hours ago, stat said:

Since when is there a 8.75% witholding tax on UK dividends? I always received my UK dividends tax free. Thanks!

The Tax is taken out before you get your Dividend and the rate/yield of the dividend is always quoted as the after Tax amount but Withheld tax has been considered as taken already.

 

This is taken from my 2023/24 UK Tax return prepared by my accountant... NB the final line "8.75% tax treated as paid on dividends from UK companies (Not Repayable)". 

 

 

 

 

[LivinLOS]

3 hours ago, Mike Teavee said:

I believe it's self assessment so it's up to the individual to judge whether it's assessable income or not & US SS is not so no need to report/file.

 

I think this is an easy determination.. 'Assessable' income is the amount sent in if you are tax resident, thats different from 'liability' to pay.. 

Do you need to file if not liable ? Or do you need to file asessable income anyway.. To be determined. 

[LivinLOS]

6 minutes ago, Mike Teavee said:

The Tax is taken out before you get your Dividend and the rate/yield of the dividend is quoted as the after Tax amount but Withheld tax has been taken.

 

This is taken from my 2023/24 UK Tax return prepared by my accountant... NB the final line "8.75% tax treated as paid on dividends from UK companies (Not Repayable). 

 

 

 

 

Have you filed a P85 and obtained an NT tax code ?? 

[Mike Teavee]

Just now, LivinLOS said:

 

I think this is an easy determination.. 'Assessable' income is the amount sent in if you are tax resident, thats different from 'liability' to pay.. 

Do you need to file if not liable ? Or do you need to file asessable income anyway.. To be determined. 

There's been at least 1 report of somebody going into their Tax Office and asking if they needed to File as all of their income was not taxable by Thailand under a DTA & they were told that they didn't have to.

 

I think a lot of people will be filing non-taxable reports if this guidance was wrong (Plus a lot of US guys who thought they didn't need to file are going to be very upset).