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 £200,000 tax bill, as it is standard on estates valued above £325,000 to be taxed at 40 per cent.
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. “The tax man wants £200,000 off me in inheritance tax,” he said. But added: “I’ve given it back to my mother because whilst she’s got it, I don’t have to pay that money.”
Under UK legislation, a specific exemption under “excluded property” is strictly limited to certain decorations and awards. It is only applied to medals and awards awarded for “valour or gallant conduct” (such as military medals) or those awarded for “public service or achievement in public life”. The World Cup medal is recognised as neither, and is instead classified by HMRC as a “standard personal possession”.