Recently sold house in UK

[kevtheblue]

I sold my house december 24, I will be moving to Thailand july 9th. Not sure  if property had to be sold before start of 2024 or end of 2024 to avoid tax payments.

[hotandsticky]

Tax payments to whom?

[oxo1947]

 

How old are you ??   

Where have you picked to move to ?   

Are you married to Thai ? 

....are you going to bring all your money across or wait for a better rate time? 

 

I'm  Just a nosy person Kevtheblue..........

[hotandsticky]

1 minute ago, oxo1947 said:

 

How old are you ??   

Where have you picked to move to ?   

Are you married to Thai ? 

....are you going to bring all your money across or wait for a better rate time? 

 

I'm  Just a nosy person Kevtheblue..........

 

 

Not nosey.......we just need the full details if advice is required.

 

 

I still think my advice will be  ........it is obviously too late for the current tax filing and .... only bring in to Thailand what you need - then do nothing as far as the Thai tax authorities are concerned (unless you are already filing tax returns.

[chickenslegs]

My suggestion.

If you intend to bring a large sum of money into Thailand this year, just make sure that you are not a tax resident this year by spending less than 180 days in the Kingdom during 2025.

[KhunLA]

Something to think about, an option, if you need a place to put your funds. 

 

One option, and surely there are more ...

https://www.expat.hsbc.com/international-banking/non-resident-bank-accounts/

 

Some would suggest bring in via ATM, when needed, not to avoid taxes, as not allowed to suggest, but just for convenience sake.   Which I used to do with my company pension.

 

In which case, try to find no fee account, that reimburse any 'in country' bank transaction fees.

 

[topt]

54 minutes ago, kevtheblue said:

I sold my house december 24, I will be moving to Thailand july 9th. Not sure  if property had to be sold before start of 2024 or end of 2024 to avoid tax payments.

You say you will be moving so presumably not Thai tax resident in 2024?

As long as not and staying out of Thailand for more than 180 days in 2025 (so no visits in 2025 until you move July 9th would just qualify) you can bring in what you want in 2025 and not be liable for tax in Thailand (under current rules).

 

Potential liability to home country taxes is a different subject.

[kevtheblue]

Thanks for help, 

Age  60

Phetchabun area

getting married  ASP

2 young daughters

 

Will be looking to bring £50k  (do i have until the end of 2025 to do this).

I have not been to Thailand for nearly 2years.

[AlexRich]

Be careful moving funds to Thailand. The new and confusing tax rules could easily trip you up. Make sure you get solid professional advice before doing anything. 

[UKresonant]

5 hours ago, kevtheblue said:

Thanks for help, 

Age  60

Phetchabun area

getting married  ASP

2 young daughters

 

Will be looking to bring £50k  (do i have until the end of 2025 to do this).

I have not been to Thailand for nearly 2years.

Non tax resident so you have till the end of 2025 to sort things out, if not going until 9th July. 

 

You could also create some savings account pots (ideally with the interest mandated to a different account).  That should not be subject to tax on sending to Thailand in later years, if you keep the paper trail.

 

Trust you are keeping UK accounts open as far as possible.

 

Non-Resident Sterling FCD account could be useful perhaps to SWIFT into. If you think the GBP THB rate may become slightly improved. 

 

I've not been to Phetch for about 22 years!

[oxo1947]

6 hours ago, kevtheblue said:

Will be looking to bring £50k 

You can get a paper from the Thai bank ---(I can not remember the name of it) which if you want to send that amount of money back out at a latter date---you can

[HK MacPhooey]

On 2/13/2025 at 11:30 AM, KhunLA said:

Something to think about, an option, if you need a place to put your funds. 

 

One option, and surely there are more ...

https://www.expat.hsbc.com/international-banking/non-resident-bank-accounts/

 

Some would suggest bring in via ATM, when needed, not to avoid taxes, as not allowed to suggest, but just for convenience sake.   Which I used to do with my company pension.

 

In which case, try to find no fee account, that reimburse any 'in country' bank transaction fees.

 

The ATM solution would be the worst due to the bt200 transaction fee plus a fiver or so UK bank charge and a maximum bt20-30k per transaction.

 

Bring in the equivalent of USD10k cash for starters get set up with a Thai bank account and go with wire transactions there on.

[khunPer]

On 2/13/2025 at 5:08 AM, kevtheblue said:

I sold my house december 24, I will be moving to Thailand july 9th. Not sure  if property had to be sold before start of 2024 or end of 2024 to avoid tax payments.

I you talk about Thai income tax, the borderline is 1st January 2024; however, only the funds you transfer into Thailand are income taxable here. Savings from before 2024 are still free from income tax, so it's only any capital gain/profit from house sale that will be taxable. If the profit is already taxed in Britain, it might be covered by the DTA (Double Taxation Agreement).

[OJAS]

On 2/13/2025 at 12:09 PM, topt said:

Potential liability to home country taxes is a different subject.

 

In particular, he now only has until 22 Feb to make any CGT payment to HMRC if he hasn't already done so!

 

https://www.tax.service.gov.uk/capital-gains-tax-uk-property/start/report-pay-capital-gains-tax-uk-property?_ga=2.31492087.898625034.1633235870-1552680673.1629876543

 

[topt]

14 hours ago, OJAS said:

 

In particular, he now only has until 22 Feb to make any CGT payment to HMRC if he hasn't already done so!

 

https://www.tax.service.gov.uk/capital-gains-tax-uk-property/start/report-pay-capital-gains-tax-uk-property?_ga=2.31492087.898625034.1633235870-1552680673.1629876543

 

It is possible he has no CGT liability but without him giving more detail it is impossible to say. Hence my caveat....... 

[hotandsticky]

1 minute ago, topt said:

It is possible he has no CGT liability but without him giving more detail it is impossible to say. Hence my caveat....... 

 

 

Most people don't..........................and I really think that might have been mentioned if it was an issue.

[jimn]

On 2/14/2025 at 1:59 AM, kevtheblue said:

Thanks for help, 

Age  60

Phetchabun area

getting married  ASP

2 young daughters

 

Will be looking to bring £50k  (do i have until the end of 2025 to do this).

I have not been to Thailand for nearly 2years.

Plenty of warning signs in your post.

1. You have not been to Thailand in 2 years and yet you are getting married soon. Assume you have not seen girlfriend for the same period. Recipe for disaster.

2. You have sold your UK house which means nothing to fall back on if things go wrong. Whose idea was it to sell? Recipe for disaster.

3. You are moving to the middle of nowhere. Where will you live? Recipe for disaster.

 

[kevtheblue]

Thankyou for the advice.

I have transferred funds to my Kasikorn account december 2023.

Don't think i have C G T to pay as my home was the only property I owned.

[NoDisplayName]

On 2/13/2025 at 11:08 AM, kevtheblue said:

I sold my house december 24, I will be moving to Thailand july 9th. Not sure  if property had to be sold before start of 2024 or end of 2024 to avoid tax payments.

 

Sold house in 2024.

Not tax resident in Thailand 2024.

Move to Thailand July 09 would put you in country for 176 days, so also not tax resident in 2025.  (assuming no other visits!)

Appears safe to remit in 2025 without having assessable income.

 

The new rule is still not clearly established, and now there's talk that it may be reversed as Thailand has seen a drop in remittances.

 

Will offshore income earned while NOT tax resident be taxed when remitted to Thailand in a later tax-resident year?  I think not, which would allow you to transfer your 2024 house sale proceeds in 2025 without paying tax, even if tax-resident.......but it hasn't been tested yet.

 

Stay tuned to find out what happens when you remit 2026 or later when tax resident.

 

**OPINION ONLY, NOT ADVICE.**

 

 

[OJAS]

16 hours ago, kevtheblue said:

Don't think i have C G T to pay as my home was the only property I owned.

 

https://www.gov.uk/tax-sell-home

 

[ukrules]

16 hours ago, NoDisplayName said:

Will offshore income earned while NOT tax resident be taxed when remitted to Thailand in a later tax-resident year?  I think not, which would allow you to transfer your 2024 house sale proceeds in 2025 without paying tax, even if tax-resident.......but it hasn't been tested yet.

 

This is in theory the rule as I understand it.

Plenty of people suggest hedging on this though and being non resident during both years (year of sale and year of remittance) absolutely ensures that no tax liability in Thailand.

In this case if the house is a main pace of residence in the UK - ir - you actually lived there then sold it then there is no capital gains tax due, but if it was rented out over the years  then that changes and I'm sure the rules get complex if that applies....

 

[OJAS]

On 2/17/2025 at 2:21 AM, kevtheblue said:

Don't think i have C G T to pay as my home was the only property I owned.

 

In that case, as far as the Thai taxation position is concerned you need to refer to Article 14 of the double taxation agreement between the UK and Thailand:

 

https://assets.publishing.service.gov.uk/media/5a80bddc40f0b623026953eb/uk-thailand-dtc180281_-_in_force.pdf