Will life insurance payout from the death of a family member be subjected to the new taxes?

[jakow]

My father passed away and I received a portion of money from his life insurance policy. In the USA this money is not taxable. If I send it to Thailand will it be subjected to the new taxes on foreign income? If so I'll just keep the money in the USA and not spend it in Thailand.

[UKresonant]

The devil will be in the detail.

 

If it is paid as a part of an estate via a will I would not expect tax  as Inheritance (under 100m THB)

 

If it is written in trust and you are a direct beneficiary, as it's written in trust. I'm not sure (as I have some assets like that) Hopefully it would still.be accepted under IHT, but Thailand does not really have trust law.

[mudcat]

https://www.rd.go.th/english/37749.html#section42

 

Section 42 The assessable income of the following categories shall be exempt for the purpose of income tax calculation:

 

13) Compensation against wrongful acts, amount derived from insurance or from funeral assistance scheme.

[CMBob]

I suspect that technically you may be required to file a Thai tax return and have the burden to show the source of the funds transmitted.  Showing/proving that the funds sent here were sourced as a life insurance payment, there ought to be no tax due.  I say "suspect" as nobody seems to know the exact rules for expats remitting funds, how enforcement will happen, etc.

 

[Scouse123]

Nobody knows anything until this government releases details.

 

The rest of it is scaremongering BY ACCOUNTANCY FIRMS, and statements by people who know as much as the rest of us. Nothing. It's all speculation.

 

If it comes to fruition, there will be a massive flight to the new visas being offered as no point holding an extension of stay based on a retirement Non- O

[Thingamabob]

20 minutes ago, Scouse123 said:

Nobody knows anything until this government releases details.

 

The rest of it is scaremongering BY ACCOUNTANCY FIRMS, and statements by people who know as much as the rest of us. Nothing. It's all speculation.

 

If it comes to fruition, there will be a massive flight to the new visas being offered as no point holding an extension of stay based on a retirement Non- O

Entirely agree, way too much pointless speculation going on. Less sure about your thoughts on an extension of stay based on  retirement non-o. 

[Scouse123]

4 hours ago, Thingamabob said:

Entirely agree, way too much pointless speculation going on. Less sure about your thoughts on an extension of stay based on  retirement non-o. 

 

 

I think I will plod on with the 800K method.

[john donson]

you guys are lucky, my western home country will steal at least 35-55% when my parents pass... in UK it is zero till 300.000 pounds or something... but EU countries, nope... steal to give to them newcomers hotels , food, pocket money

[jakow]

On 8/6/2024 at 4:03 AM, mudcat said:

https://www.rd.go.th/english/37749.html#section42

 

Section 42 The assessable income of the following categories shall be exempt for the purpose of income tax calculation:

 

13) Compensation against wrongful acts, amount derived from insurance or from funeral assistance scheme.

 

Thanks!