IHTM21023 - Types of asset: stamp or coin collections; medals

(This text has been withheld because of exemptions in the Freedom of Information Act 2000)

Certain medals awarded for bravery are excluded from the charge to Inheritance Tax, under IHTA84/S6 (1B) (IHTM04263). Before 6 April 2009 this exclusion was granted by extra-statutory concession.

To be excluded the decoration or award must meet two conditions, which are that it:

Any case where an award for bravery is listed as an asset of the estate should be referred to the officer nominated to deal with gallantry awards, in Compliance, Nottingham, for advice. You should refer all cases, whether or not the asset is shown as excluded from the estate.

Some examples of medals awarded for in the UK that would be excluded if they meet the conditions are:

• Victoria Cross
• George Cross
• Military Cross
• Distinguished Flying Cross
• Distinguished Service Order

Medals awarded for gallantry overseas might include:

• Legion d’Honneur
• Croix de Guerre
• Order of Medjidieh.

You need to be alert to the fact that it is not just medals that may be awarded for gallantry. Other types of award given might include items such as swords and silverware

The examples given here are just a few of the awards that might be given for gallantry, both in the UK and overseas. If you are in any doubt but suspect that an asset might be an award for gallantry you must always refer the case to the nominated officer for advice.