Tuesday, June 7, 2011
Another VI who aims to keep the price high
HM Revenues and Customs is targeting increased numbers of inheritance tax property valuations, according to an accountancy firm. UHY Hacker Young says HMRC has launched 9,368 investigations into inheritance tax valuations over the last year and is actively targeting estates and beneficiaries. It says that according to HMRCâ€™s figures, Â£70m worth of additional tax was raised as a result of HMRC challenging the valuations of properties included in the estate of a deceased person in 2010. .In cases where additional tax was payable, this averaged Â£24,600 per case.