British Expats’ Undeclared Funds May Incur Tax Penalties

[ianh68]

Some food for thought here?

 

http://www.forthcapital.com/british-expats-undeclared-funds-may-tax/

[DUS]

I was surprised to read their comment about holding ISAs and quickly checked on .gov.uk. Here is what it says for those having ISAs when moving/living abroad:

 

However, you can keep your ISA open and you’ll still get UK tax relief on money and investments held in it.

 

That is what I thought the legal position was and I am very pleased it is like this.

[Eff1n2ret]

1 hour ago, DUS said:

I was surprised to read their comment about holding ISAs and quickly checked on .gov.uk. Here is what it says for those having ISAs when moving/living abroad:

 

However, you can keep your ISA open and you’ll still get UK tax relief on money and investments held in it.

 

That is what I thought the legal position was and I am very pleased it is like this.

Quite so. And you don't have to declare ISAs on your tax return. The notion that you might somehow be pursued by the Thai tax authorities for such earnings is laughable.

[canuckamuck]

You gotta fight!

[Oxx]

Thailand is not a participant in this data sharing.  Also, according to the article, it currently only applies to individual accounts with a value of more than 1 million Euros, so one just needs to spread one's wealth around a bit.

[Ricardo]

I think this maybe old news, at least a couple-of-years old,that it was coming.

 

But perhaps it will scare-up some extra customers, residents in some non-EEC countries, who don't watch the financial-news and don't know their tax-position here in Thailand.

[userabcd]

On ‎10‎/‎06‎/‎2017 at 8:58 AM, Oxx said:

Thailand is not a participant in this data sharing.  Also, according to the article, it currently only applies to individual accounts with a value of more than 1 million Euros, so one just needs to spread one's wealth around a bit.

Non CRS countries participating

The following countries are signed on the Global Forum on Transparency and exchange of information for tax purposes, even though they are not yet signed to the CRS:

Liberia, Kenya, Armenia, Kingdom of Lesotho, Azerbaijan, Maldives, Mauritania, Botswana, Moldova, Burkina Faso, Morocco, Cameroon, Chad, Niger, Nigeria, Pakistan, Côte d’Ivoire, Papua New Guinea, Paraguay, Peru, Philippines, Djibouti, Dominican Republic, Ecuador, Egypt, El Salvador, Former Yugoslav Republic of Macedonia (FYROM), Senegal, Gabon, Georgia, Guatemala, Tanzania, Guyana, Thailand, Togo, Tunisia, Uganda, Ukraine, Jamaica, United States (the US has its own bilateral automatic exchanges via FATCA)^[17]

[topt]

On ‎08‎/‎06‎/‎2017 at 0:56 PM, ianh68 said:

Some food for thought here?

 

At the moment I would only if you live in one of the countries with a punitive tax system.

 

Thailand currently as far as I know does not tax world wide income/assets unless you happen to be earning it here in Thailand.

 

This subject has been coming up multiple times on this and other forums over the last year since the whole CRS issue picked up a load of new countries. A recent note I saw said that Thailand was looking to comply by 2022 and even then unless they change their tax laws this should not have any effect on most "expats" tax position in Thailand - unless you are not officially non tax resident in the UK and have income arising here in which case HMRC will be looking for some payback............