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Are There Any Items Or Personal Possessions That Are Exempt From Inheritance Tax ?

March 1, 2017 By Avery Associates

Are there actually any items or personal possessions that are not subject to IHT ?

Yes, and the following HM Revenue & Customs section explains the exemption

Inheritance Tax: Extending exemption for medals and
other awards

Who is likely to be affected?

People in the armed forces, police, fire brigade, ambulance service and personnel in other
“first response” organisations and individuals recognised by the Crown for their
achievements and service in public life.

General description of the measure

The measure extends the exclusion from inheritance tax (IHT) that applies to medals and
other decorations that are awarded for valour and gallantry to all decorations and medals
awarded by the Crown or by another country or territory outside the UK to the armed forces,
emergency services personnel and to individuals in recognition of their achievements and
service in public life.

Policy objective
The measure will provide that all medals and decorations awarded by the Crown or by a
country or territory outside the UK to armed forces personnel, emergency services personnel
or to individuals for public service or achievement in public life will be treated as excluded
property and therefore not be subject to IHT.

Background to the measure
This measure was announced at Autumn Statement 2014.

Detailed proposal and Operative date
The revised legislation will have effect in relation to transfers of value made or treated as
made on or after 3 December 2014.

Current law
Excluded property is defined in section 6 of the Inheritance Tax Act (IHTA) 1984. Section
6(1B) says that a decoration or award is excluded property if it was awarded for valour or
gallant conduct and it has never been the subject of a disposition for a consideration in
money or money’s worth.

Proposed revisions
Legislation will be introduced in Finance Bill 2015 to treat all medals and decorations
awarded by the Crown or a country or territory outside the United Kingdom to armed forces
personnel, emergency services personnel and individuals for achievements and services in
public life as excluded property.

Related

Filed Under: Chattels Valuation Tagged With: armed forces probate, decorations and tax law, gallantry, iht exemptions, medals

Our House Clearance Services

We provide a full house clearance and property management solution:

  • We clear hoarded houses, regardless how big or how cluttered
  • We clear all types and sizes of property, irrespective of location, or access is restricted or where parking is difficult or not available.
  • We can help avoid water damage by draining the central heating system.
  • We can secure the property and change the locks.
  • We can reinstate the gardens and maintain them whilst the property is empty.
  • We can provide 24 hour security to eliminate the risk of squatting or unlawful occupation.

As well normal house clearances we specialise in clutter clearance and we can clear a hoarded house which may contain years of accumulated possessions, or which have abnormal amounts of general household items, sometimes as a result of compulsive hoarding syndrome.

Equally we can help to clear a property where the occupants were previously unwell and unable to care for themselves or their property which sometimes results in insanitary, dangerous or just plain unpleasant conditions.

More info

What We Do

Get A Quick Quote

Client Reviews

Jenny Schon
Dec 3, 2021
 by Jenny Schon on Avery Associates
Well done

This truly is a 'one stop shop' for all things relating to Probate valuations and clearance. Jeffrey is a 'facilitator' and full marks to him for finding... Read More

Kevin Anderson
Oct 26, 2021
 by Kevin Anderson on Avery Associates
Fantastic and Reliable

Our aunt was a recluse and hoarder. She died leaving two properties in London that were dilapidated and completely hoarded. Unfortunately, because everything... Read More

It was a pleasure to assist Kevin

T. Hackett
Aug 26, 2021
 by T. Hackett on Avery Associates
1st Class Service

Avery Associates Appraisal I have just moved house after almost 30 years of occupation. My initial choice of movers, Pickfords, decided at the last... Read More

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Avery Associates
291 Mitcham Rd
Tooting SW179JQ

Tel: 0800 567 7769 or 0208 640 0044

Services provided throughout London and the Home Counties. View our clearance case studies.


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