Jack, who died aged 85 in 2020, left the medal to his son in his will. The heirloom has now become the subject of a tax inheritance row. According to John, HM Revenue and Customs has hit the family with a \u00a3200,000 tax bill, as it is standard on estates valued above \u00a3325,000 to be taxed at 40 per cent.<\/p>\n
To avoid paying this sum, John has handed the medal to his mother Pat, with whom the item is exempt from taxation, as it is a transfer between married partners. Speaking to Talksport, John detailed the dilemma. \u201cThe tax man wants \u00a3200,000 off me in inheritance tax,\u201d he said. But added: \u201cI\u2019ve given it back to my mother because whilst she\u2019s got it, I don\u2019t have to pay that money.\u201d<\/p>\n
Under UK legislation, a specific exemption under \u201cexcluded property\u201d is strictly limited to certain decorations and awards. It is only applied to medals and awards awarded for \u201cvalour or gallant conduct\u201d (such as military medals) or those awarded for \u201cpublic service or achievement in public life\u201d. The World Cup medal is recognised as neither, and is instead classified by HMRC as a \u201cstandard personal possession\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"Jack, who died aged 85 in 2020, left the medal to his son in his will. The heirloom…\n","protected":false},"author":2,"featured_media":836891,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[64,63,99,70426,186,596,184,185,588,156],"class_list":["post-836890","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-au","tag-australia","tag-business","tag-england-football-team","tag-finance","tag-football","tag-personal-finance","tag-personalfinance","tag-sport","tag-standard"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/836890","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=836890"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/836890\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/836891"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=836890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=836890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=836890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}