TaxPersonal TaxDeath forms under scrutiny in IHT clampdown

Death forms under scrutiny in IHT clampdown

HMRC launches latest sting

HM Revenue & Customs officials will
start carrying out random checks on tax forms submitted when a person dies to
see if there has been any attempt to avoid inheritance tax.

HMRC staff will play close attention to gifts affected by the seven-year
rule.

Under tax rules, gifts made more than seven years before a person dies are
exempt as long as the person making the gift does not continue to benefit from
what has been given away.

Estates worth more than £300,000 are liable for
inheritance tax (IHT) at 40%.

The latest campaign was revealed in a HMRC online newsletter.

Further reading:

Sarkozy triples French IHT threshold

Fierce opposition to IHT revealed

Tory think tank urges IHT abolition

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