Tax Liability? Not Working In Thailand

[apetley]

Hi, have tried searching but no luck finding what I'm looking for so hopefully someone can give me a quick answer.

Will be in Thailand permanantly as of the end of Sept.

I am 47, married to a Thai lady.

No need to work as I am lucky enough to have plenty of savings in the UK.

Will be drawing on these savings to live in Thailand.

As I do not want any hassle/tax liability shocks in the future I was wondering about paying tax in Thailand.

I have been told that as my UK savings are taxed at source I do not have to pay tax in Thailand. True?

Also are there any Thai tax forms to fill in stating that I am already paying tax on my savings in the UK.

Thanks for reading, Andy.

[Maestro]

Will be in Thailand permanantly as of the end of Sept.

I am 47, married to a Thai lady.

No need to work as I am lucky enough to have plenty of savings in the UK.

Will be drawing on these savings to live in Thailand.

As I do not want any hassle/tax liability shocks in the future I was wondering about paying tax in Thailand.

You have no tax liability in Thailand.

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Maestro

[Tammi]

Will be in Thailand permanantly as of the end of Sept.

I am 47, married to a Thai lady.

No need to work as I am lucky enough to have plenty of savings in the UK.

Will be drawing on these savings to live in Thailand.

As I do not want any hassle/tax liability shocks in the future I was wondering about paying tax in Thailand.

You have no tax liability in Thailand.

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Maestro

Why don't you put your savings offshore?

[Maestro]

Why don't you put your savings offshore?

Why this question?

His money is already offshore, i.e. outside Thailand. And if with offshore you meant outside the UK, it does not matter in which country his savings are, he still won’t be liable to pay tax in Thailand on the money he brings into Thailand.

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Maestro

[cclub75]

Why this question?

His money is already offshore, i.e. outside Thailand. And if with offshore you meant outside the UK, it does not matter in which country his savings are, he still won’t be liable to pay tax in Thailand on the money he brings into Thailand.

I understood something else : by offshore, it means tax free.

Why leaving his money in UK, where he will pay somes taxes (withholding, capital gain etc.)

[singa-traz]

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

[Tammi]

Why this question?

His money is already offshore, i.e. outside Thailand. And if with offshore you meant outside the UK, it does not matter in which country his savings are, he still won’t be liable to pay tax in Thailand on the money he brings into Thailand.

I understood something else : by offshore, it means tax free.

Why leaving his money in UK, where he will pay somes taxes (withholding, capital gain etc.)

Thank you, that's what I meant. Offshore from UK and therefore free of UK taxes.

[Maestro]

Why leaving his money in UK, where he will pay somes taxes (withholding, capital gain etc.)

This may be true, but this was not the original poster’s question, was it? Why confuse him with something that is totally off topic?

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Maestro

[briley]

If you are not a UK resident then the UK is a very good 'offshore' base to keep your money.

First £5,000 of earnings (not counting dividends) is tax free.

All Dividends are tax free (the 10% 'tax' is notional based on the company having paid corportation tax - even if you invest from outside the UK you can't have the 10%)

Is it £8,000 of capital gains tax free each year.

And you get top tax rates, good protection etc.

[Cabana]

Why don't you put your savings offshore?

Why this question?

His money is already offshore, i.e. outside Thailand. And if with offshore you meant outside the UK, it does not matter in which country his savings are, he still won’t be liable to pay tax in Thailand on the money he brings into Thailand.

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Maestro

Yes and no - my understanding is different - money bought into Thailand is taxable if it was earnt in the same tax year as the funds were earnt, the Thai tax year is I believe jan to december. To keep it non taxable you should wait until a new tax year comes round first and not mix interest with capital if it doesnt comply with the above. This I got from a Thai accountancy firm a few years back. In reality most expats ignore the law but who nows when a clampdown might occur?

[Cabana]

Why don't you put your savings offshore?

Why this question?

His money is already offshore, i.e. outside Thailand. And if with offshore you meant outside the UK, it does not matter in which country his savings are, he still won’t be liable to pay tax in Thailand on the money he brings into Thailand.

---------------

Maestro

Yes and no - my understanding is different - money bought into Thailand is taxable if it was earnt in the same tax year as the funds were earnt, the Thai tax year is I believe jan to december. To keep it non taxable you should wait until a new tax year comes round first and not mix interest with capital if it doesnt comply with the above. This I got from a Thai accountancy firm a few years back. In reality most expats ignore the law but who nows when a clampdown might occur?

quote - 'A person (Thai or foreign) who resides in Thailand at one or more times for an aggregate period of 180 days or more in any tax (calendar) year will be regarded as a resident of Thailand for tax purposes. A resident of Thailand is liable for personal income tax on income from sources inside Thailand and on assessable income derived from sources outside Thailand. However, the imposition of tax on income derived outside Thailand will apply only to income derived and brought into Thailand in the same year in which such income is earned'.