News
HMRC is re-viewing inheritance tax
14 November, 2009
Prediction by a law firm has it that the HMRC (HM Revenue & Customs) will be clamping down on inheritance tax. This could mean estates will face heavy fines.
The Financial Times recently reported that a leading law firm has been quoted as saying that the HMRC wants estates to be valued by 3 different estate agents which will bring about an improved scrutiny on inheritance tax. Victoria Mahon, a solicitor with the firm, was quoted as saying that the HMRC is being incredibly harsh with personal representative; most people would consider two property valuations as fulfilling the criteria of ‘reasonable care’.
For more details on inheritance tax, visit the HMRC website.