@Clive ********

I just did the maths. Based on the minimum of 65k per month (780,000 per year) required to renew a retirement extension: Thai tax payable on that income would be 70,500 Baht. That's about £1,500 at today's rates. If you paid tax in the UK and it was your only income, you'd have paid £1,060. If you have other income in the UK you could say you paid 20% on the whole amount, which would be £3,455, so your UK tax more than off-sets Thai tax. Of course, if you bring in more than 65k Baht per month your Thai tax bill goes up. But the top rate of tax in Thailand is 35% for more than 5M. The top rate in UK is 45% over £125k (about 5.6M Baht)

So a general rule for UK citizens resident in Thailand is that it could cost us each £440 in Thai income tax. That's £37 a month. Given that Thailand has no Council Tax, we are still quids in. If you think that's too much to live in the Land of Smiles, cry me a river 🤪

@Clive ********

It would be worth talking to an expert, Clive in both UK and Thai tax. Your savings were accumulated from taxed income or taxed capital gains (or were nefarious!) over whatever period. It's probably a finely balanced and detailed calculation to decide what money you draw, from what pot, whether it is assessable when you bring it to Thailand and whether tax already paid in the UK off-sets tax payable on Thailand.

@Andy ***********

The Dual Taxation Convention between Thailand and the UK doesn't not exclude state, personal or occupations pensions from Thai assessability, when imported to Thailand. I don't claim knowledge of any other country's DTA and I decline

@Lawrence ******

's invitation for me to read the USA's

@John *********

That's my reading too, John. Thanks for confirming. On the other hand we will very likely have already paid some tax in the UK, which will be off-set against Thai tax liability

@Cl***

what do you mean by 'draw down'? And are you referring to payments from a private or occupational pension, or the UK state pension?

@Clive ********

This para suggests that UK government or local authority pensions will only be taxed in the UK. But it does not say the same about regular state pension, or pensions from non-public sector jobs. Suggests to me you can escape tax assessment in Thailand on any pension coming from a public sector job, but all other pensions are simply 'income' and is assessable if you bring it to Thailand.

@Clive ********

Clive, I recommend you read the DTC with the UK and Thailand. You can find it here



For others reading this thread, I'll post screen prints of 2 relevant paragraphs in the Treaty with the UK, here and in the linked comment. Article 6 says, in effect, UK income is not taxable in Thailand but any income moved to Thailand is then subject to Thai tax assessment.

Article 19 (2) is complicated. See the next screen print

Clive, I recommend you read the DTC with the UK and Thailand. You can find it here



For others reading this thread, I'll post screen prints of 2 relevant paragraphs in the Treaty with the UK, here and in the linked comment. Article 6 says, in effect, UK income is not taxable in Thailand but any income moved to Thailand is subject to Thai tax assessment.

Article 19 (2) is complicated. See the next screen print

You will have paid some tax in the UK on a pension that allows you to bring in 65k every month. That's about £17,300 and the Personal Allowance is £12,570. Maybe you have other income in the UK, and your tax code was adjusted to collect tax due on your pension from there? Thailand also has tax-free allowances and then a rising scale. Quite likely there will be no additional tax to pay in Thailand when you show them P60.

I've opened accounts at Bangkok Bank (Aug 2024) on 90 day visa, and Kasikorn Bank just a couple of weeks ago. Go to Immigration Office with the docs you have, plus photocopies for them to keep. Ask for Residency Letter for opening Bank account. I paid 300 baht for this before taking in to Kasikorn. Or use an agency