Inheritance Tax

[exeter]

I am disgusted that uk inheritance tax stands at 40%. What is the rate in Thailand or do they not bother with such a wicked tax?

Any info would, as usual, be most welcome,

Exeter

[gotlost]

I am disgusted that uk inheritance tax stands at 40%. What is the rate in Thailand or do they not bother with such a wicked tax?

Any info would, as usual, be most welcome,

Exeter

There is no wealth tax in Thailand. There is no inheritance tax as such but a person who receives cash or property as a result of the death of another may be liable to pay income tax.

In other words 0%, nothing .

[flying]

I am disgusted that uk inheritance tax stands at 40%. What is the rate in Thailand or do they not bother with such a wicked tax?

Any info would, as usual, be most welcome,

Exeter

USA had a 2 million dollar credit/exemption against the tax till 2008

I think it is 3.5 million now & then after 2010 I think it is slated to go to 1 million

Not that I have any rich relatives to look forward to leaving me an inheritance.

But like you I think it is all disgusting. The person who left the wealth surely paid taxes on acquiring it. Yet after death their family is again taxed?

[PattayaParent]

Thailand has no IHT but living here, or anywhere else in the world, does not exempt you from liability to IHT in UK.

Edited October 10, 2009 by PattayaParent

[joskydive]

That's why people in the UK sign over all their assets that would be seen as inheritance to the Tax man to their families before they die in the hope that they don't die before the 3 year limit. (Don't know if this time limit has changed now though).

Unfortunately, in some instances, this is when the families decide that they're relatives are of no use to them anymore and put them in an old peoples home for the rest of their lives.

Edited October 10, 2009 by joskydive

[WhiteShrek]

Current government in Thailand have discussed introducing some form of inheritance tax for Thais, though hopefully they will see sense and maintain the status quo.

For a UK guy such as yourself, with a Thai wife he loves and trusts, Thailand can actually be a very good place to reduce taxes on many of your investments. You can eliminate IHT by placing assets with your Thai family members such as wife kids etc. You yourself have no capital gains tax or income tax either on many investments like unit trusts.

That said I wouldn't recommend choosing a Thai wife simply to reduce tax.

[Steps]

That's why people in the UK sign over all their assets that would be seen as inheritance to the Tax man to their families before they die in the hope that they don't die before the 3 year limit. (Don't know if this time limit has changed now though).

Unfortunately, in some instances, this is when the families decide that they're relatives are of no use to them anymore and put them in an old peoples home for the rest of their lives.

It's 7 years that all assets have to be signed over before they die (god bless) mate. There's only 1 familly in England RIGHT! So you shut the <deleted> up and pay your taxes.

[exeter]

Current government in Thailand have discussed introducing some form of inheritance tax for Thais, though hopefully they will see sense and maintain the status quo.

For a UK guy such as yourself, with a Thai wife he loves and trusts, Thailand can actually be a very good place to reduce taxes on many of your investments. You can eliminate IHT by placing assets with your Thai family members such as wife kids etc. You yourself have no capital gains tax or income tax either on many investments like unit trusts.

That said I wouldn't recommend choosing a Thai wife simply to reduce tax.

Thanks for this, IHT is good news but I find the unit trust situation interesting, I have about 25k in ISA and about 10K in non ISA funds. How do I get them to Thailand and is it a good idea? Do I have to sell up in the UK then re invest in Thailand or can my UK Administrators, Bestinvest, do it for me with a Thailand address? Any thoughts anyone, I will call them fort advice. It is also good there is no CGT as well, that is correct?

Exeter

[PattayaParent]

If you've only got 35k then you don't need to be worrying about IHT.

[exeter]

If you've only got 35k then you don't need to be worrying about IHT.

I do have a house in London that takes me over the rate and other investments that would but the funds in ISA and non ISA are the easiest to move so is it a good option and how would I be advised to do it?