Around one in four taxable estates face investigations over their inheritance (IHT) payments as HMRC increases anti-avoidance activity.
Over 5,000 IHT investigations were opened by HMRC in the 2018/19 tax year, representing nearly 25% of the 22,000 estates liable for inheritance tax over the period.
Last year, the Office of Tax Simplification (OTS) called for a major overhaul of inheritance tax, due to it being unnecessarily complex, with an increased number of investigations following the introduction of the residence nil rate band (RNRB) in April 2017.
With all the complications surrounding inheritance tax, it is important to get the right advice to mitigate the chances of an investigation.
Specialists within our Private Client Tax team work closely with clients to formulate a long term inheritance tax planning strategy and protect family wealth. The team can also provide Probate and Estate Advisory Services, and if you would like to discuss, call us on 01788 539000.