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People Should Know More About Military Inheritance Tax Exemption
Many people are unaware of an inheritance tax exemption that could be saving families a fortune. The tax exemption is for military personnel who die as a result of injuries or diseases sustained while on military service. Even if they die years later and indirectly, the exemption still stands. This important, but little known, piece of wills and probate legislation applies to all servicemen and women including doctors, nurses, drivers and war correspondents. In order to qualify for the exemption it must be proved that they have died on active service, or that their death was related to, or hastened by, a wound, illness or injury contracted while on active service. The issue with this exemption is that it isn't automatically granted. Each case is reviewed individually, and medical advisers will need access to the deceased's full medical history when deciding whether to grant the inheritance tax exemption. There is no time limit for the exemption, but it must be proved that the death was caused, related to or hastened by active service. The advice for many is that planning in advance will help the application. Gathering evidence from GPs and specialists is much easier whilst the person is alive, rather than after they have passed away. A supporting statement from the person in their will explaining what happened during active service will also back up the application. Proving medical history can be hard because some hospitals destroyed old records. That's just another reason why people are being urged to keep medical records safe. The current rate of inheritance tax is 40% if the estate value exceeds £300,000. Inheritance tax rules for couples state that when one spouse dies their estate is automatically transferred to the surviving spouse. If the war veteran dies first, the their estate is automatically transferred tax free, so the exemption is lost.
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