Should A Woman Be Allowed to hold the office of President of the USA?

[alphason]

I have out of the Uk since 2007 but I still have my ISA up and running but I am not so sure that I really qualify for it. I have income from the UK from a rented property (which I am considering selling) but after expenses I am below the UK tax allowances anyway, I do not draw any income from this it just goes to the mortgage.

If I close my ISA where can I put the money for the best return and lowest tax? I currently have a/c's with halifax and nationwide but they will not accept form R105 (to receive interest without tax deducted). Nationwide International say they will withold 20% tax unless I can prove to them I have no tax liability here.

I was previously working for a few months so should be on the Thai tax 'radar', I have a tax number.

From what I understand I am only liable to pay tax on money I bring into the country (??)

I have read that income for sources other than employment tax is calculated as assessable income x 0.5% = taxable income (??)

and my personal allowance here is 30,000b with tax only kicking in at over 150,000b, So 180,000 tax free and 0.5% on the rest (??)

Pretty confused by it all as you can see, can anyone clarify? Thanks.

[haybilly]

I have out of the Uk since 2007 but I still have my ISA up and running but I am not so sure that I really qualify for it. I have income from the UK from a rented property (which I am considering selling) but after expenses I am below the UK tax allowances anyway, I do not draw any income from this it just goes to the mortgage.

If I close my ISA where can I put the money for the best return and lowest tax? I currently have a/c's with halifax and nationwide but they will not accept form R105 (to receive interest without tax deducted). Nationwide International say they will withold 20% tax unless I can prove to them I have no tax liability here.

I was previously working for a few months so should be on the Thai tax 'radar', I have a tax number.

From what I understand I am only liable to pay tax on money I bring into the country (??)

I have read that income for sources other than employment tax is calculated as assessable income x 0.5% = taxable income (??)

and my personal allowance here is 30,000b with tax only kicking in at over 150,000b, So 180,000 tax free and 0.5% on the rest (??)

Pretty confused by it all as you can see, can anyone clarify? Thanks.

I can only comment on the ISA--you can still keep the ISA but cannot add to it--as a UK resident would be able to, and should, do every year.

[russianrobert]

I have out of the Uk since 2007 but I still have my ISA up and running but I am not so sure that I really qualify for it. I have income from the UK from a rented property (which I am considering selling) but after expenses I am below the UK tax allowances anyway, I do not draw any income from this it just goes to the mortgage.

If I close my ISA where can I put the money for the best return and lowest tax? I currently have a/c's with halifax and nationwide but they will not accept form R105 (to receive interest without tax deducted). Nationwide International say they will withold 20% tax unless I can prove to them I have no tax liability here.

I was previously working for a few months so should be on the Thai tax 'radar', I have a tax number.

From what I understand I am only liable to pay tax on money I bring into the country (??)

I have read that income for sources other than employment tax is calculated as assessable income x 0.5% = taxable income (??)

and my personal allowance here is 30,000b with tax only kicking in at over 150,000b, So 180,000 tax free and 0.5% on the rest (??)

Pretty confused by it all as you can see, can anyone clarify? Thanks.

My two bob's worth, why sell the house when the market is bad. If it's not costing you anything and you don't need the money why do it?

It costs money to sell a house as well especially If you are in Thailand.

Also if you're not sure what to do with the money from the ISA that will only be compounded when you have the money from the sale of the house.

Why not sell the ISA and pay off some of the mortgage? If that keeps you under the tax threshold.

If you open an offshore account you will get the interest tax free but the rules about disclosure have changed recently.

I used to be with Bank of Cyprus. Not the best bank in the world but internet banking and no disclosure.

[kennkate]

I think you have a problem.

Mr Brown has a war to fight he needs the cash

If you sell your property thats if you can at the moment, I think will become liable for Capital Gains Tax @ 18% for Gains over your allowance of £9,600

Reason- it is not your Main Residence.

Also any income recived is unearned income (taxable)

Ok you can claim TAX relief on the Mortgage Interest as a expense

UK Personal allowance 2008/2009 under 65 years of age £5,435 Over 65 £9,030

dont know if that is on a par with Thai TAX allowances

I understand a tax arrangement is in place with the UK and Thailand, But dont know how this works

I am thinking of letting my property here in the UK. short term

So I will ring Inland Revenue later today to find out for sure how I stand.

I dont want to get stung by capital gains tax in the future.

Will report back when I get the Info.

[Penkoprod]

You need to look into going "non domicile for tax purposes"

There are threads on here about people doing just that,......even with their UK pensions.

Will take a couple of years to set it up with the Inland Revenue, but you DO get any tax paid between appying for and getting the status, i have heard.

Penkoprod

[PattayaParent]

Close your accounts with Halifax and Nationwide and open accounts offshore in Isle of Man or Channel Islands. But use your Thailand address to set them up.

http://www.csmltd.com/top_savings_rates.htm

http://www.interest-rates.org.uk/

Keep your ISA if that is possible.

Keep your house if it's not costing you anything.

http://www.rd.go.th/publish/6045.0.html

In the case where income categories (2) - (8) mentioned in 2.1 are earned more than 60,000 Baht per annum, taxpayer has to calculate the amount of tax by multiplying 0.5% to the assessable income and compare with the amount of tax calculated by progressive tax rates. Taxpayer is liable to pay tax at the amount whichever is greater.

Edited August 19, 2008 by PattayaParent

[russianrobert]

...........If you sell your property thats if you can at the moment, I think will become liable for Capital Gains Tax @ 18% for Gains over your allowance of £9,600

Reason- it is not your Main Residence.................

Isn't it possible to move back into the property for a period before you decide to sell to offset the gain?

[PattayaParent]

Changed my mind.

Edited August 19, 2008 by PattayaParent

[haybilly]

I think you have a problem.

Mr Brown has a war to fight he needs the cash

If you sell your property thats if you can at the moment, I think will become liable for Capital Gains Tax @ 18% for Gains over your allowance of £9,600

Reason- it is not your Main Residence.

Also any income recived is unearned income (taxable)

Ok you can claim TAX relief on the Mortgage Interest as a expense

UK Personal allowance 2008/2009 under 65 years of age £5,435 Over 65 £9,030

dont know if that is on a par with Thai TAX allowances

I understand a tax arrangement is in place with the UK and Thailand, But dont know how this works

I am thinking of letting my property here in the UK. short term

So I will ring Inland Revenue later today to find out for sure how I stand.

I dont want to get stung by capital gains tax in the future.

Will report back when I get the Info.

If, and this the big question, he is already a non-resident only paying tax on rental income--as I was for many years, he can sell the property and not pay capital gains on it--if he actually makes a profit in these times--but, he must remain a non-res whilst selling the property--only 90 days /year in UK--this is how I have been managing my rentals and sales therof for 10 years--but this will only apply if he is already registered with HM Tax as non-res.

He needs a good accountant.

[alphason]

Hi, thanks for the input.

Ok about the house, yes I am registered as a non resident landlord so the agent does not take off tax at source, I just show it on my tax return. The reason I am considering selling is that now int rates are up I am not covering my repayment mort, only the interest.

My real question is more about the savings I have now, if I still qualify for the ISA i may as well keep it where it is. What I was thinking is if I sell then I would lock half away and maybe take monthly interest from the rest.

Will have to look into CGT, although I was not expecting any tax being the only property I own.

I guess i really need professional advice? I just like to try and get an understanding of it for myself.

[haybilly]

Hi, thanks for the input.

Ok about the house, yes I am registered as a non resident landlord so the agent does not take off tax at source, I just show it on my tax return. The reason I am considering selling is that now int rates are up I am not covering my repayment mort, only the interest.

My real question is more about the savings I have now, if I still qualify for the ISA i may as well keep it where it is. What I was thinking is if I sell then I would lock half away and maybe take monthly interest from the rest.

Will have to look into CGT, although I was not expecting any tax being the only property I own.

I guess i really need professional advice? I just like to try and get an understanding of it for myself.

[/quote

Definitely no CGT in your situ--only property and reg. non-resident. Good luck if you can make a profit on a house sale in UK at the mo.