w11guy Posted March 4, 2012 Share Posted March 4, 2012 I've been in Thailand for almost 2 years and if I sell my UK property now I'll be exempt from UK Capital Gains Tax because I would be selling it within 3 years of it being my main home. But would I be liable for CGT in Thailand and if so, how would they work it out? If they have seriously different rules to the UK then I could be seriously out of pocket. I will speak to a tax specialist if I decide to sell, but just at the stage of weighing up my options, because I need to decide soon. Anyone else been through this? Link to comment Share on other sites More sharing options...
GreenSnapper Posted March 4, 2012 Share Posted March 4, 2012 Simple: you don't pay tax for gains from outside Thailand. Link to comment Share on other sites More sharing options...
AyG Posted March 5, 2012 Share Posted March 5, 2012 Simple: you don't pay tax for gains from outside Thailand. And on top of that, there's no tax on capital gains inside Thailand, either. Link to comment Share on other sites More sharing options...
w11guy Posted March 5, 2012 Author Share Posted March 5, 2012 Simple: you don't pay tax for gains from outside Thailand. And on top of that, there's no tax on capital gains inside Thailand, either. Since posting the question I have found out that there isn't CGT in Thailand, but if you make a capital gain then it's still taxed. So you still need to pay tax in Thailand for capital gains under certain circumstances. Link to comment Share on other sites More sharing options...
w11guy Posted March 5, 2012 Author Share Posted March 5, 2012 Simple: you don't pay tax for gains from outside Thailand. Do you have a link to the rules or to a website that explains this in more detail. Link to comment Share on other sites More sharing options...
wordchild Posted March 5, 2012 Share Posted March 5, 2012 (edited) In Thailand proceeds from the disposal of a property is normaly treated as income and added to your potential personal tax liability.There is tons of stuff on the interweb on this, as a quick google will reveal. To avoid any chance of a Thai tax liability, simply hold the sales proceeds offshore for the remainder of the calender year in which you sell the property. Bringing the money into Thailand (if you need to) after 1st Jan will mean any income that you had in the previous year,incl from the sale of the house, will not be subject to Thai tax. Edited March 5, 2012 by wordchild 1 Link to comment Share on other sites More sharing options...
Naam Posted March 5, 2012 Share Posted March 5, 2012 In Thailand proceeds from the disposal of a property is normaly treated as income and added to your potential personal tax liability. =rubbish! Link to comment Share on other sites More sharing options...
wordchild Posted March 5, 2012 Share Posted March 5, 2012 (edited) care to elaborate naam?As far as i am aware disposal of immovable property (in Thailand) can give rise to an income tax (ie not CGT) liability in Thailand. As well as the other property taxes eg stamp. business tax etc In any event, even if you are resident in Thailand for tax, because the income arose outside Thailand, there should not be a Thai tax liability. Belt and braces leave the money offshore till at least jan 1st. Edited March 5, 2012 by wordchild Link to comment Share on other sites More sharing options...
Naam Posted March 5, 2012 Share Posted March 5, 2012 care to elaborate naam?As far as i am aware disposal of immovable property (in Thailand) can give rise to an income tax (ie not CGT) liability in Thailand. As well as the other property taxes eg stamp. business tax etc In any event, even if you are resident in Thailand for tax, because the income arose outside Thailand, there should not be a Thai tax liability. Belt and braces leave the money offshore till at least jan 1st. the proceeds when selling property in Thailand are not taxable because it's not income, it's the profit that is considered taxable income apart from any other taxes/fees levied. the OP's question did not refer to a property deal in Thailand. i also assume that the OP is not brain-amputated and transfers any amount to Thailand earmarked "profit/income from property sale". therefore there is no need to observe the "waiting period" of "next calender year". Link to comment Share on other sites More sharing options...
lannarebirth Posted March 5, 2012 Share Posted March 5, 2012 Why on earth would you ever report to Thailand any income you made outside of Thailand? Link to comment Share on other sites More sharing options...
wordchild Posted March 5, 2012 Share Posted March 5, 2012 (edited) care to elaborate naam?As far as i am aware disposal of immovable property (in Thailand) can give rise to an income tax (ie not CGT) liability in Thailand. As well as the other property taxes eg stamp. business tax etc In any event, even if you are resident in Thailand for tax, because the income arose outside Thailand, there should not be a Thai tax liability. Belt and braces leave the money offshore till at least jan 1st. the proceeds when selling property in Thailand are not taxable because it's not income, it's the profit that is considered taxable income apart from any other taxes/fees levied. the OP's question did not refer to a property deal in Thailand. i also assume that the OP is not brain-amputated and transfers any amount to Thailand earmarked "profit/income from property sale". therefore there is no need to observe the "waiting period" of "next calender year". Ok, sorry i should have been more clear it is the profit from the disposal (if in Thailand) that can be subject to Thai income tax not the total proceeds, (from which the profit is derived). What would have been wrong with a simple correcting post to that effect? Edited March 5, 2012 by wordchild 1 Link to comment Share on other sites More sharing options...
w11guy Posted March 8, 2012 Author Share Posted March 8, 2012 (edited) Why on earth would you ever report to Thailand any income you made outside of Thailand? The UK government might pass on the information. A jealous person might pass on the into. There are lost of ways that information can be found out. I would also like to arrange my tax affairs so that they stay within the law, rather than avoid paying tax by not mentioning something that I should. That's just the way I live my life and it's served me well. I have seen plenty of people avoid paying tax because they thought they'd never be caught. Some are now in jail. Naam - I wouldn't transfer any of the proceeds to Thailand. All I transfer is my pension money and/or savings. Edited March 8, 2012 by w11guy Link to comment Share on other sites More sharing options...
w11guy Posted March 8, 2012 Author Share Posted March 8, 2012 care to elaborate naam?As far as i am aware disposal of immovable property (in Thailand) can give rise to an income tax (ie not CGT) liability in Thailand. As well as the other property taxes eg stamp. business tax etc In any event, even if you are resident in Thailand for tax, because the income arose outside Thailand, there should not be a Thai tax liability. Belt and braces leave the money offshore till at least jan 1st. the proceeds when selling property in Thailand are not taxable because it's not income, it's the profit that is considered taxable income apart from any other taxes/fees levied. the OP's question did not refer to a property deal in Thailand. i also assume that the OP is not brain-amputated and transfers any amount to Thailand earmarked "profit/income from property sale". therefore there is no need to observe the "waiting period" of "next calender year". Ok, sorry i should have been more clear it is the profit from the disposal (if in Thailand) that can be subject to Thai income tax not the total proceeds, (from which the profit is derived). What would have been wrong with a simple correcting post to that effect? I understood what you meant. Don't forget that this is thaivisa forum. Replies you get can be very hit and miss. Link to comment Share on other sites More sharing options...
wordchild Posted March 8, 2012 Share Posted March 8, 2012 Why on earth would you ever report to Thailand any income you made outside of Thailand? The UK government might pass on the information. A jealous person might pass on the into. There are lost of ways that information can be found out. I would also like to arrange my tax affairs so that they stay within the law, rather than avoid paying tax by not mentioning something that I should. That's just the way I live my life and it's served me well. I have seen plenty of people avoid paying tax because they thought they'd never be caught. Some are now in jail. Naam - I wouldn't transfer any of the proceeds to Thailand. All I transfer is my pension money and/or savings. In which case you have nothing at all to be concerned about, there should be no Thai tax liability and no obligation to declare the sale. Link to comment Share on other sites More sharing options...
GuestHouse Posted March 8, 2012 Share Posted March 8, 2012 What a great time to sell a property in the UK this is. Link to comment Share on other sites More sharing options...
rgs2001uk Posted March 8, 2012 Share Posted March 8, 2012 ^^^^^^ I think its a great time to be buying, and will be buying at least one if not two this year. Link to comment Share on other sites More sharing options...
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