In 2011, HM Revenue and Customs (HMRC) challenged more than 10,000 Inheritance Tax (IHT) returns, according to accountants UHY Hacker Young. Each challenge yielded an average increase in IHT payable of £27,000.
In 2010, there were 493,000 deaths recorded in England and Wales. Given that many estates are of a much lower value than the current IHT threshold of £325,000, the implication is that the likelihood of a challenge is significant if HMRC suspect valuations of assets are incorrect or that not all estate assets are included.
HMRC Gain From IHT Challenges
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