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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.

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