Inheritance Tax and Estate Planning
Tax authorities around the world are now focusing on increasing tax revenues from Inheritance Tax (IHT) which has traditionally been very low yielding. We can now expect IHT bases to broaden, reliefs and exemptions to be curtailed and IHT rates to increase. Thailand introduced IHT in 2016 with relatively generous reliefs and exemptions but these are unlikely to remain indefinitely as the Thai Revenue Department (TRD) seeks to raise further tax revenues.
A proactive, technically sound, consistent, and well-planned approach by taxpayers to IHT and Estate Planning is necessary to mitigate the risks of unnecessary IHT liabilities and difficulties for executors and administrators in managing the estates of deceased clients, especially in cases of intestacy.
The TRD can be expected to pay closer attention to dealing with IHT avoidance and to start using the full range of provisions in the Thai Revenue Code (TRC) to attack aggressive IHT avoidance. In an international context there is the very real risk of IHT being levied in several jurisdictions as IHT systems differ between countries. Whilst some IHT systems are based on the tax status of the deceased others are based on the tax status of the beneficiary and others adopt a hybrid approach. Most IHT systems also apply to assets passing on death located in the country. There are very few IHT and Estate Duty treaties to alleviate double taxation.
PKF provides a specialist range of IHT and Estate Planning services within its International Tax practice to entrepreneurs, internationally mobile executives, and wealthy individuals, ranging from the preparation of Wills to complex IHT advice. Thailand has stated its desire to attract wealthy individuals to live in Thailand and PKF is well placed to advise such individuals
The International Tax team includes experienced professionals with specialist academic and professional qualifications who have worked in the UK, US, Australia, Singapore, Taiwan, Russia, Gibraltar, and Vietnam, as well as Thailand.
The PKF global network is always available to provide support for the successful delivery of International Tax, IHT and Estate Planning assignments.
The International Tax team is based in Bangkok and able to deliver International Tax, IHT and Estate Planning assignments through our offices in Bangkok, Chiang Mai, Hua Hin, Pattaya, Phuket, Sriracha and U Tapao.
Inheritance Tax and Estate Planning Services
- IHT compliance for executors and administrators of estates
- IHT advice across multiple tax jurisdictions
- IHT planning for entrepreneurs and Owner Managed Businesses to maximise the benefit of available reliefs and exemptions
- Personal Income Tax, Capital Gains Tax, IHT and Gift Tax advice for individuals
- Advising on IHT, Estate Planning and trusts
- Advising on tax treaty issues
- Advising on residence and domicile
- Managing contentious issues and tax disputes
- Preparation and registration of Thai Wills
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