Budget 2014: IHT scrapped for emergency workers
Emergency services workers will no longer be subject to inheritance tax (IHT) on their death, it has been announced in the Budget.
Chancellor George Osborne has said he will be “waiving inheritance tax for those in our emergency services who give their lives protecting us”.
Currently if the estate of a person is greater than £325,00 – the IHT threshold, or ‘nil rate band’- on death, including any assets held in trust and gifts made within seven years of death, IHT is due at 40% on the amount over the nil rate band.
Osborne also said he will relieve the VAT on fuel for Air Ambulances and Inshore Rescue boat services across Britain, and provide a new air ambulance for London.
More to follow…