LTR Health Insurance : Self-insurance with US$100,000 Bank Deposit

[banpunket]

Hello

 

My wife got a nn 94 i think its a tax self assesment form.

I am on my 3rd extension and i get a pension every month of over 40k to back up the extension.In the form it wants to know my personel income.We also have a dairy farm and land will i have to pay tax on my uk pension in thailand when i already pay tax in the uk.

Thanks for any replys.

[meatboy]

I have pensions from the uk.as they are under the threshold I don't pay any tax at all.and it definitely doesn't count in Thailand,only if you need to declare it for your extension,then that's all immigration wants to know is the total if going down the income route. threshold for 65yrs.old up.

Edited August 10, 2014 by meatboy

[GuestHouse]

Thailand and the UK have a dual taxation agreement - if you pay tax (or are below the tax threshold in the UK) then you do not pay tax in Thailand on your UK income. 

[billd766]

Thailand and the UK have a dual taxation agreement - if you pay tax (or are below the tax threshold in the UK) then you do not pay tax in Thailand on your UK income. 

 

I would rather pay tax here in Thailand as it will be less however HMRC in the UK say that as my pensions were earned it the UK I HAVE to pay tax there.

 

Money grubbing barstewards.

 

Don't they realise that if I got the annual pension updates they would get more back in taxation.

[wordchild]

there is a double taxation agreement between the UK and Thailand, however it does not cover pension income, so there is a theoretical risk that pension income, from the UK, brought into Thailand in the year in which it was earned, could be taxed again in Thailand. However I very much doubt that the Thai tax authorities would bother trying to collect (unless offered) and, in any event, the vast majority of UK pensioners living in Thailand are likely to be off the radar as they don't have to fill in Thai tax returns.   

Edited August 10, 2014 by wordchild

[transam]

Hmmmmm, strange they have a tax agreement between them yet us old folk don't have a pension upgrade thingy here..........

[wordchild]

there is a double taxation agreement between the UK and Thailand, however it does not cover pension income, so there is a theoretical risk that pension income, from the UK, brought into Thailand in the year in which it was earned, could be taxed again in Thailand. However I very much doubt that the Thai tax authorities would bother trying to collect (unless offered) and, in any event, the vast majority of UK pensioners living in Thailand are likely to be off the radar as they don't have to fill in Thai tax returns.   

Having said the above I think there is really zero chance of Thailand coming after UK pensioners over this. If it did happen it would be against the spirit of the treaty and I am pretty sure the UK would respond in some way. For the OP, as he has to fill in a tax declaration in Thailand, I would suggest getting the advice of a Thai tax specialist before doing this.

     Where the lack of a pensions clause in the treaty does impact UK pensioners living in Thailand is that it is not possible for them to have their pensions paid to them (in Thailand) without UK tax  already deducted.

  This treaty is now quite old (1981 I think) and the two countries have been working on a new treaty for several years now I have no idea if the new treaty will cover pension income. 

Edited August 10, 2014 by wordchild

[banpunket]

Thanks for all the reply's.
It just seems odd that after several years living here all of a sudden we get these tax assesment forms to fill in my wife pays tax on her income direct through the milk sales.
In the forms it is asking about my income pensions etc etc,so in theory my wife has access to over 40k extra every month so will they tax her and not me.So in a way it is a indirect tax.
I am just wondering if anybody else has had this situation.

[wordchild]

Thanks for all the reply's.
It just seems odd that after several years living here all of a sudden we get these tax assesment forms to fill in my wife pays tax on her income direct through the milk sales.
In the forms it is asking about my income pensions etc etc,so in theory my wife has access to over 40k extra every month so will they tax her and not me.So in a way it is a indirect tax.
I am just wondering if anybody else has had this situation.

I think you should get some proper advice on this (ie not from postings on TV) but, FWIW, I would suggest that neither of you should be paying any further tax on your UK pension income.

[chiang mai]

http://www.telegraph.co.uk/finance/11027075/Expats-face-400-million-tax-raid.html

[DiDiChok]

wordchild, on 10 Aug 2014 - 08:55, said:

there is a double taxation agreement between the UK and Thailand, however it does not cover pension income, so there is a theoretical risk that pension income, from the UK, brought into Thailand in the year in which it was earned, could be taxed again in Thailand. However I very much doubt that the Thai tax authorities would bother trying to collect (unless offered) and, in any event, the vast majority of UK pensioners living in Thailand are likely to be off the radar as they don't have to fill in Thai tax returns.  

 

I don't think you've quite read the regulations about pension income in full.  There IS a double taxation agreement in place for pensions paid as a result of Government employment, but as you say that doesn't include the state pension and other pensions.  The diplomats looked after themselves on this one.

 

The original poster (Banpunket) needs good accountants to advise him properly.

[chiang mai]

There are two very separate parts to the story:

 

The first is that UK Pensions can only be taxed in the UK.

 

The second is that income remitted to Thailand in the year it is earned is taxable in Thailand.