In a move that would appear to have been solely motivated by the opportunity to make a joke at the expense of Ed Miliband, the Chancellor announced that the Government will launch a review into the use of deeds of variation for ‘tax avoidance’.
Mr Osborne repeated his Autumn Statement promise that the existing inheritance tax exemption for medals will now apply to all decorations bestowed upon members of the armed and emergency services, as well as awards made by the Crown for achievements and service in public life.
Also announced at the Autumn Statement, reiterated in the Budget documents today, was the extension of the IHT exemption for those killed on active duty in the armed forces to emergency services personnel. Where a member of the emergency services or a humanitarian worker is killed, while responding to emergency services on or after 19 March 2015, there will be no IHT payable on their estate.