TaxPersonal TaxChecklist: Inheritance tax on medals

Checklist: Inheritance tax on medals

Decorations awarded for valour or gallant conduct that have never been sold will be treated as exempt from inheritance tax under an extra-statutory concession published this week.

The concession, which will have immediate effect, will apply to all cases yetto be settled.

The Inland Revenue said the move was because decorations can, owing to their nature and history, command significant values and therfore increase the value of an estate or transfer for IHT purposes.

It is hoped the move will prevent beneficiaries from facing the dilemma of wishing to keep the decorations for personal or sentimental reasons, but not being able to afford to pay the tax on them.Inland Revenue press release

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