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Excluded property consists essentially of reversionary interests under settlements satisfying certain conditions (see I5.701 onwards), and foreign property in foreign ownership (see Division I9.3).

For transfers of value on or after 3 December 2014, 'relevant decorations or awards' which have never been the subject of a disposition for a consideration in money or money's worth (including a disposition of part or of an interest in it)¹ are excluded property. A 'relevant decoration or award' is defined to include awards that are:

1. Ìý

   •ÌýÌýÌýÌý designed to be worn to denote membership of an Order, including an Order outside the UK

2. Ìý

   •ÌýÌýÌýÌý awarded for valour of gallant conduct

3. Ìý

   •ÌýÌýÌýÌý made in connection with a person being a member of the armed forces or an emergency responder (see I4.210) of any country or territory, or

4. Ìý

   •ÌýÌýÌýÌý awarded by the crown or a country or territory outside the UK in connection with public service or achievement in public life (this will include awards such as OBEs etc)

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