Tbh Back To Uk Advice

[Bmouthboyo]

Hi Guys,

I will be starting a job in Thailand for at least the next two years. My salary is paid part in GBP into a UK account and just over half in TBH. We plan to return to the UK in the future after saving some cash internationally so I guess the weakening of the pound at the moment is good for us at the TBH seems strong compared to it.

My first question is regarding offshore accounts. I have been advised by some people to set up an offshore account such as http://www.lloydstsb-offshore.com/corporate/our-locations/jersey/

However I am unsure of the type of account I will need, the costs or even really why I need one. I do not have savings yet that I am worried the UK government can get there hands on the small interest it might make, however I plan to save about £1000 - £1500 a month. This will be by me topping up the GBP paid portion of my wage with approximately 12000TBH - 35000 TBH.

This brings me to my second query. What is the best method to transfer TBH from a Thai account to my UK one (possibly an offshore if that is worth opening)? How often would you recommend transferring the TBH over? What costs are involved? and lastly what market situations do you look for to maximise the GBP exchange rate?

I have been looking at exchange rate history and the TBH seems to be going from strength to strength against the GBP which for someone in my situation is great, providing I guess that in say 5 years when we return to UK it starts strengthening again.

Thanks in advanced

[Bmouthboyo]

Bump

[topt]

Check out these residency "qualifications" stat-res-test-note 18 Dec 2012.pdf

and here http://www.hmrc.gov.uk/international/tax-incomegains.htm - there is lots of info but often difficult to find -

then I would suggest you talk to HMRC about your specifics to make sure they are aware and agree you will be non resident for tax purposes.

You can apply to have interest paid gross with some accounts and others you can claim back on your tax form if appropriate. If your UK bank is not worried (or you don't specifically tell them you are abroad) and you have internet banking you do not necessarily need an offshore account although it may be useful once you have savings.

Why transfer THB into £ if you believe the THB will stay strong and that is where you need the cash? If I was you I would only transfer if the situation changes and/or when you are looking to return to the UK.

Edited April 17, 2013 by topt

[meatboy]

savings rates are better in thailand.uk and offshore are cr-p.

[Bmouthboyo]

I guess we thought that as we will eventually be heading back to the UK to buy a property it would be wise so transfer it whilst the exchange rate is favourable. Also my employer pays part of the wage in GBP as part of the package, which I don't think you can change, only ask for more of it to be in GBP, so essentially its only about 12000 TBH each month being 'topped up' in the UK account.