IHT War Exemption Is Ignored By The Treasury
Over the last few years we have seen a number of military conflicts around the world as well as a slow decline in the number of veterans from the first and second world wars. It has recently come to light that under the small print of the inheritance tax laws a service person that dies because of an illness caused during active duty shall have their estate exempted from IHT on death – even if the death of the person is literally decades after the event.
The last few months have seen a number of relatives coming forward to question the IHT situation for a group of war veterans. Despite many of these veterans dying as a consequence of medical conditions picked up during the earlier world wars, the Treasury have still stepped in to take their full IHT share – in direct contradiction to the IHT regulations.
While many of these cases are indefensible, with a number able to back up their claims with medical advice and opinion, the Treasury seem to be dragging their heels with regards to repayment of the IHT. There is a ground swell of support for the families of these war veterans and an anger that the government seem to be overlooking the military situation once again.
Share this..
Related stories
Treasury criticised on inheritance tax
More than half of detached houses in over 50 per cent of postcode districts in England and Wales are above the inheritance tax threshold, the Halifax bank has revealed.In total 29 per cent of detached houses across the UK are liable to pay the tax on properties worth over £300,000.This proportion has increased from 16 per cent five years ago, leading Halifax to criticise the gradual increase in T...
Read MoreEon cuts gas prices for customers
14/01/2015 Energy firm Eon will cut gas prices for its customers by 3.5% will immediate effect. German company Eon supplies gas and electricity to 4.5 million homes in the UK, who will now save on average £24 off an annual household gas bill. Wholesale energy costs have fallen recently, they are now 30% lower than last year. This has put energy firms under huge pressure to lower the pr...
Read MoreRoyal Bank of Scotland pension scheme set for £800m injection
The multibillion pound bailout of Royal Bank of Scotland by the UK taxpayer has seen £800 million of this funding set aside to cover a growing deficit with the company's final salary pension scheme. There was more outrage today when the gold plated pension scheme operated by the company was confirmed to be just under £2 billion in deficit as opposed to a small surplus just 12 months ago. However...
Read MoreThe young and workers mostly likely to be in poverty
24/11/2014 Young people and those in work are now more at risk of poverty than the elderly and the unemployed, a report has shown. The report was written by the New Policy Institute for The Joseph Rowntree Foundation, a British social policy research and development charity, that funds a UK-wide research and development programmes. It showed that over the last decade there has been a large...
Read MoreShould we see greater disclosure of salaries in the future?
It has been revealed that the Royal Bank of Scotland is considering publishing the salaries of its top managers in the future, after significant criticism from a committee of MPs. The bank is majority owned by the UK government and the authorities appear set to try and increase the transparency to offset ongoing taxpayer anger against the amount of money used to support the UK banking system.
Read More