Moving Abroad

notavailable

I want to sell my house and move overseas.

Does anyone have advice on what I can do with a 100k lump sum from the sale to earn interest because obviously I won't be a UK resident

herebeme

Where are you moving to? Be careful with timing of large sales and types of investments because it can create a tax liability in the place you are moving to as well as the UK. 

notavailable

herebeme said:

Where are you moving to? Be careful with timing of large sales and types of investments because it can create a tax liability in the place you are moving to as well as the UK. 

Thailand

herebeme

Ok. So now you need to research. 

Some starter things to think about:
What dates does the Thai tax year run from/to? After how many days do you become tax resident? What is taxable? Is worldwide income taxable? Under what circumstances is it not taxable? What about capital gains i.e. from house sale (remember what the UK considers a capital gain may not be the same in Thailand)? What about ISAs or other investments? Is there a double-taxation treaty, if so how does it work? 

notavailable

herebeme said:

Ok. So now you need to research. 

Some starter things to think about:
What dates does the Thai tax year run from/to? After how many days do you become tax resident? What is taxable? Is worldwide income taxable? Under what circumstances is it not taxable? What about capital gains i.e. from house sale (remember what the UK considers a capital gain may not be the same in Thailand)? What about ISAs or other investments? Is there a double-taxation treaty, if so how does it work? 

I see.

Sounds like I need a financial advisor.

I was hoping for a simpler solution

herebeme

Expat forum/boards and banks like HSBC often have guides. It’s perfectly possible to inform yourself via google without paying anyone. 

I only suggest you do so in advance of selling because I sold some investments within the same tax year I moved to the USA and it made my tax return a massive pain to fill in. If I’d known in advance I would not have sold (mine was not a permanent move). 

notavailable

herebeme said:

Expat forum/boards and banks like HSBC often have guides. It’s perfectly possible to inform yourself via google without paying anyone. 

I only suggest you do so in advance of selling because I sold some investments within the same tax year I moved to the USA and it made my tax return a massive pain to fill in. If I’d known in advance I would not have sold (mine was not a permanent move). 

I see what you mean

Appreciate the heads up

Albermarle

notavailable said:

herebeme said:

Ok. So now you need to research. 

Some starter things to think about:
What dates does the Thai tax year run from/to? After how many days do you become tax resident? What is taxable? Is worldwide income taxable? Under what circumstances is it not taxable? What about capital gains i.e. from house sale (remember what the UK considers a capital gain may not be the same in Thailand)? What about ISAs or other investments? Is there a double-taxation treaty, if so how does it work? 

I see.

Sounds like I need a financial advisor.

I was hoping for a simpler solution

Probably your average local financial advisor, is not going to be very well informed on Thailand tax laws, and probably would not be interested in getting involved ( apologies to any advisors reading this if I am incorrect )

notavailable

Albermarle said:

notavailable said:

herebeme said:

Ok. So now you need to research. 

Some starter things to think about:
What dates does the Thai tax year run from/to? After how many days do you become tax resident? What is taxable? Is worldwide income taxable? Under what circumstances is it not taxable? What about capital gains i.e. from house sale (remember what the UK considers a capital gain may not be the same in Thailand)? What about ISAs or other investments? Is there a double-taxation treaty, if so how does it work? 

I see.

Sounds like I need a financial advisor.

I was hoping for a simpler solution

Probably your average local financial advisor, is not going to be very well informed on Thailand tax laws, and probably would not be interested in getting involved ( apologies to any advisors reading this if I am incorrect )

I didn't really want to invest my money there I wanted a way of leaving it in UK but it seems no one has a solution for that.

Band7

There are off-shore savings accounts you may want to investigate, e.g. https://www.skiptoninternational.com/offshore-savings-accounts. Though they don't make you immune from tax considerations.

herebeme

But I would consider getting a local accountant/tax advisor in Thailand, at least for the first year. 

Though it really depends on your circumstances, I guess if you are doing casual bar-work you probably don’t need one, if you are setting up your own business, dealing with pension income from the UK, or even in a high paying office job it is probably worth considering. 

My USA accountant saved me over ten times what I paid her as a fee, not to mention the peace of mind, so it was well worth it. I asked around other Brits in the office to find someone used to dealing with UK people who had investments/property back in UK.