Alright I found a fix, apparently it had something to do with Youtube not respecting the dynamically assigned z-index.
Use the following code when embedding a Youtube video under tabs inorder to get it to work correctly with IE10:
<iframe title="YouTube video player" width="480" height="390" src="[YOUR_YOUTUBE_URL_HERE]?wmode=transparent" frameborder="0" wmode="Opaque">
?wmode=transparent at the end of the URL and wmode="Opaque" as an extra parameter is what makes it work.