Inheritance tax of 10% on estates over Bt50m approved

[Dah fahrang]

I think it's unfair that foreigner's have to pay the tax if they have lived here for more than 3 years. I have no rights here, can't buy land in my name, can't own a controlling interest in my business, can't do a lot of things so how is it they think I am going to leave my money here in Thailand for them to take 10% away from my dear wife when I turn up my toes?

Factually, I am still short of the 50M mark so maybe I am worried about nothing!

The article uses the words "domiciled in Thailand". I have been resident in Thailand for ten years, for tax purposes. The UK taxman recognises my non-UK residence, but steadfastly won't accept my requests to change my domicile to Thailand, despite having a home, and UK domiciled Thai wife of 32 years, here.

Like you, should I ever attain the 'giddy' sum of 50m Baht, inheritance tax on my worldwide assets would have to be assessed and be paid in the UK by my heir. Currently, the UK inheritance tax threshold is £350,000 for 2014. And, this amount can be passed to the deceased's spouse, thus effectively doubling the threshold for tax payable on the demise of the surviving partner. That equates to 17,850,000 Thai Baht, each.

UK and Thailand operate a dual taxation treaty, so, should I ever become a multi-millionaire in Thailand in my diminishing number of years, and accrue assets of more than 5 million baht, (£98,000), I will advise my Thai/UK dual national heir to seek probate and offer assessment for inheritance tax to the UK taxman. Thus paying nowt to either country.