The budget on 18th March 2015 provided awaited clarification on the proposal to extend the existing exemption from Inheritance Tax on the estates of members of the armed services.
Currently the estates of armed services personnel are exempt from IHT where their death occurs while they are on active service, or follows an injury sustained during active service. This exemption will now be extended to include members of the emergency services, when they are killed responding to an emergency, or where they have been targeted because of their status along with humanitarian aid workers.
The new rules are set out in the Finance Bill 2015 which will proceed through parliament this year. The new measures will apply to deaths occurring after 19th March 2015
If you are dealing with an estate where this exemption may apply and you would like more information including:
- Who will qualify for the exemption.
- What constitutes an emergency and an emergency response under the new legislation.
- What evidence must be produced to show that the exemption is due.
Contact our Private Client department on 020 8891 6141 or e-mail firstname.lastname@example.org and we will be happy to help.