Number of inheritance tax investigations increases
One in four estates face investigations over their inheritance tax (IHT) payments as HMRC ramps up anti-avoidance activity with probes into £1.3bn worth of tax liability.
Over 5,000 IHT investigations were opened by HMRC in the 2018/19 tax year, representing nearly 25% of of the 22,000 estates liable for inheritance tax over the period, according to a freedom of information request by wealth management adviser, Quilter. This equated to 5,537 investigatins, up from 5,354 the previous year.
Read more at the Accountants Daily.