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I left the UK in 2002, worked overseas until 2012, then retired here in Thailand and not returned to the UK at all.

 

I don't work and haven't started claiming my pension yet as I am only 60 so I don't pay any tax apart from a small bit on interest payments in UK and Thailand.

 

About 3 years ago I invested some cash via a FA and a financial platform as I I don't have a UK address. The forms I completed ask for my country of residence for tax so I put Thailand. My FA said it would be the UK not Thailand and changed it.

 

I am now investing some money direct with a company called Fundsmith, whom I invested with previously via the Ascentric platform. Amongst the many forms for anti money laundering was one asking for my country of tax residency and my Tax Identification Number so I put UK and my NI number.

Fundsmith have replied that they aren't satisfied with my answer. I presume after reading the Government guidelines the answer should be Thailand. If that's the case what is my Tax Identification Number ?

 

TIA.

 

 

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This kind of issue is going to become more and more of a problem for people who don't live in their home country and pay no tax.   AML/KYC - making a nightmare process out of something which

As said, if u live here over 180 days u are thai tax resident. Tax residency does not mean you need to pay taxes here. If you have no taxable income you don't pay taxes.      Irreleva

You have to get one, they are easy to get at the tax office.   Just follow this guide: https://www.globalfromasia.com/thailand-tax-id/    If you live here over 180 days per year yo

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Unless someone on here is genuinely qualified to answer this question you really need to speak to tax lawyer before you find yourself with a big bill.

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4 minutes ago, ukrules said:

This kind of issue is going to become more and more of a problem for people who don't live in their home country and pay no tax.

 

AML/KYC - making a nightmare process out of something which should be simple, unless you're moving millions at a time then people should not even know what AML/KYC is.

Which the majority of us don't know what these TLAs mean!

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29 minutes ago, ukrules said:

This kind of issue is going to become more and more of a problem for people who don't live in their home country and pay no tax.

It all boils down to the country you come from.

 

Example the rules in Australia are if you are a non-resident for tax purposes, you basically don't pay tax apart from a 10% withholding tax on money held in aussie banks (must notify banks) who take it out as they pay you interest (if any) which is not much in today's terms.

 

If you have invested in shares in the Australian stock market that are fully franked, and pay a dividend, the tax is already taken out when you receive your dividend, again, with Covid either nil dividend or a reduced dividend.

 

Property is a real problem, it's 32.5c in every $ you earn from rent and your property is subject to capital gains tax when you sell, usually at the highest tax margin and calculated from the date you purchased your property, regardless of when you moved overseas.

 

If you earn money from work within Australia, you will also pay 32.5c in the $ up to $80k then it goes up from there.

 

The above said, if you live in Thailand and are a non-resident for tax purposes, you don't have a problem if you own shares because the tax is taken out and there is also no capital gains tax payable on the sale of your shares, suffice to say, the market is down at the moment, but if you don't need to sell and have reserves in the banks to cover the nil or reduced dividends paid, you will survive until it bounces back.

 

I have lived here for 5 years and haven't paid tax on the monies I have in shares, only what money I have in the bank and from work paid for within Australia, no escaping that one unfortunately, i.e. unless you can have the money paid put into someone else's account and then transferred to yours, then it becomes their potential problem, solly honey and mum 🙂

 

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11 minutes ago, ThomasThBKK said:

If you live here over 180 days per year you are thai tax resident. Simple as that.

Not necessarily so, you can be a non-tax resident of your home country without being a Thai tax resident, i.e. if you don't earn money from Thailand, you are not a tax resident of Thailand, well that is under Australian tax law anyway.

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Tax residency in my case depended on a list of items that make you a tax resident in a country.

 

As I am a citizen in that country, I could not have any of these be true:

- permanent residence in that country

- owning any property in that country

- spending more than 180 days per year in that country

- having any family supported in that country

- having a job, investment or business ownership in that country

- having a spouse or children living in that country

 

As I had none of them, with PR in Thailand, no property there, spending nearly no time there ever, and not supporting any family or having a spouse/children there, the revenue department concluded that for the purposes of tax residency I am not resident there. Had I been, I'd have to declare all my Thai income there and pay tax on it.

 

Your country could differ from the list above but you should be able to find the information on the revenue department website of your citizenship.

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29 minutes ago, ThomasThBKK said:

 

 

You have to get one, they are easy to get at the tax office.

 

Just follow this guide: https://www.globalfromasia.com/thailand-tax-id/ 

 

If you live here over 180 days per year you are thai tax resident. Simple as that. 

Not as simple. That means you have to pay taxes in Thailand but doesn't mean you don't have to pay them in your home country, although there is likely an agreement in place to avoid double taxation.

 

In my case, had I not removed my tax residence in Europe, I would have to declare my Thai income there, and pay the difference in tax between Thai rate already paid and rate there, which was much higher. So basically getting Thai salary and paying European taxes.

 

As mentioned earlier - you cannot remove tax residence from your country of citizenship if you meet any criteria for tax residency as per that country's laws. In my case that required a list that I wrote from memory in previous post. I have it (not in English) somewhere, but it's irrelevant for UK, so it should be collected from UK revenue department website which will likely have it.

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Thomas

 

Two websites I looked at state I need my passport and house reg book, no problem there, but the third requirement is a court order appointing estate administrator. Did you have to provide that and what is it ?

 

L.P. 10.1 (individual)Photocopy of :

-  alien certificate/ passport/ PIN card/ government officer identification card.

-  House registration book of taxpayer/estate administrator

-  Court order appointing estate administrator

 

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Op The investment company you are using is uk based.

you need to understand arising income in the uk.

what ever Thai dance you are trying to do, wont help you.

if your a uk citizen. forms will need to be filled in.

but maybe not paying any tax, you still can earn 12,500 in the uk. as personal allowance. :jap:

 

 

 

 

 

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i will try to give you here some advices, based on my informal experience.

 

first, you do want to become a tax resident in thailand. that is not just because

taxes in thailand are lower and more simplified than in the western world, but also

because the thai tax system is territorial. which means that thailand will only tax you

on income earned in thailand (or brought into thailand under some conditions) and

will thailand will not care about your earning outside of thailand. that is a huge advantage

that can make you pay, legally, little or no taxes at all on millions earned outside thailand.

 

second, there is a lot of confusion among Financial advisors, lawyers bankers and other proffesionals

about those new international tax laws and regulations. i spoke to few, and some admitted

they simply do not know what is going on, while others were rude enough to give me all

kinds of wrong and misleading instructions.

 

what you need to remember is that you want to be a thai tax resident and not a u.k. tax resident.

next you should research yourself the u.k. tax laws, you can do it by few phone calls to u.k.

lawyers and accountants, some of them will give you basic advice for free, but it even pays

to pay someone good, to get a good advice. than

you will know what the u.k. law says about your situation. i think that most propably

you should not be a u.k. tax resident, this way you can bring , in the future, your money into

u.k. without having to pay any taxes on it.

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