TaxPersonal TaxClamp down on inheritance tax predicted

Clamp down on inheritance tax predicted

Law firm claims HMRC is to demand three valuations on estates

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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