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 £325,000 – 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.
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