Tax

[mike1963]

Hi I am moving to Thailand next year

I will be paying tax in the UK as I shall be renting my property out and will have the bulk of my capital in the UK (which will get taxed)

I will be regularly transferring money to Thailand for every day living expenses and plan to live there permanently

Am I expected to pay tax in Thailand too

I am wondering if any expats are in a similar situation and would be grateful for how things work

Regards

Mike

[Artamus]

Hi I am moving to Thailand next year

I will be paying tax in the UK as I shall be renting my property out and will have the bulk of my capital in the UK (which will get taxed)

I will be regularly transferring money to Thailand for every day living expenses and plan to live there permanently

Am I expected to pay tax in Thailand too

I am wondering if any expats are in a similar situation and would be grateful for how things work

Regards

Mike

Mike, It seems pointless staying in Thailand and paying tax in the UK!. As you propose to leave the UK, you should become non-resident and not liable to tax on any income earned outside the UK. Therefore you should consider moving your investments offshore (Jersey etc.). You will of course still have to pay tax on income from your UK rentals, but seems crazy to give the tax man tax on your interest if you hold cash in the UK.

As far as I know there is no tax in Thialand on monies you transfer into the country from overseas.