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    Clamp down on inheritance tax predicted

    Clamp down on inheritance tax predicted

    Law firm claims HMRC is to demand three valuations on estates

    Author Date published November 9, 2009 Categories

    HM Revenue & Customs (HMRC) is clamping down on inheritance tax, with
    estates possibly hit with thousands of pounds in fines, a law firm has warned.

    Wedlake Bell said HMRC wants estates to be valued by three estate agents
    rather than the current practice of two, which could herald a renewed scrutiny
    on inheritance tax, the
    Financial
    Times reports.

    “HMRC is being incredibly harsh with personal representatives – most people
    would consider two property valuations as fulfilling the criteria of ‘reasonable
    care’,” Victoria Mahon, solicitor with the firm, said.

    Estates face an added 30% tax liability if a valuation is found to be
    incorrect.

    Read the full story:
    HMRC
    takes tough line on IHT valuations

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