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WWII scheme given IHT exemption

The concession is to be included in the next draft publication of the Finance Bill 2016

22 December 2015

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Compensation received from the Child Survivor Fund will be be added to the list of schemes exempt from inheritance tax, the treasury has said.

The Child Survivor Fund is a one-off €2,500 compensation payment for Jewish people who were born on or after 1 January 1928, and suffered persecution during the Holocaust. The scheme was set up by Germany earlier this year.

There are currently nine other schemes for survivors of WWII that are also exempt from inheritance tax.

David Gauke, financial secretary to the treasury commented: 'Many people faced appalling persecution during WWII.

'I'm glad we've been able extend the inheritance tax exemption even further to include a one off compensation payment for victims who endured this unimaginable trauma in their childhood.'

The tax exemption was not included in the list of exempt schemes in the draft Finance Bill 2016 published earlier this month, but the treasury has confirmed that it will be included in the next draft publication of the bill.

David Rothberg, a trustee of the Association of Jewish Refugees, said the inheritance tax concession will bring comfort to those who are set to benefit from the programme.

'This wonderful news will be of great comfort to those of our members who will receive an award from this historic programme.'

 

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Tax & Wealth structuring