{"id":16722,"date":"2023-07-24T11:25:26","date_gmt":"2023-07-24T10:25:26","guid":{"rendered":"https:\/\/www.langricks.com\/?p=16722"},"modified":"2023-08-15T12:43:57","modified_gmt":"2023-08-15T11:43:57","slug":"inheritance-tax-an-exemption-not-to-be-over-looked-for-those-working-in-emergency-services","status":"publish","type":"post","link":"https:\/\/dev.withcreative.co.uk\/langricks\/inheritance-tax-an-exemption-not-to-be-over-looked-for-those-working-in-emergency-services\/","title":{"rendered":"Inheritance Tax \u2013 an exemption not to be over-looked for those working in Emergency Services"},"content":{"rendered":"

Most taxpayers are familiar with the concept of Inheritance Tax (IHT) which is a charge on assets held in your estate on death; but less well known is the relief from IHT on such an estate where the deceased was putting his or her life at risk as one of the following:<\/p>\n

    \n
  1. Member of the armed services<\/li>\n
  2. Police and fire rescue services<\/li>\n
  3. RNLI, cave and mountain rescuers<\/li>\n<\/ol>\n

    It would only seem fair that where an individual engaged in any of the above roles and loses his\/her life as a result of such activities \u2013 ie effectively \u201cdies in the line of duty\u201d (past or present) \u2013 then IHT will not be charged on their estates subject to certain conditions.<\/p>\n

    There would be no IHT liabilities arising as a result of gifts (usually called Potentially Exempt Transfers) which become chargeable on death.<\/p>\n

    Likewise, no additional IHT would be payable on any \u201cchargeable lifetime transfers\u201d (usually a transfer into a trust) in the 7 years pre death.<\/p>\n

    Also (and usually the most important) \u2013 no IHT is payable on the death estate.<\/em><\/p>\n

    Other issues to consider to qualify for this important relief as follows and in no particular order:<\/p>\n