HMRC investigates families for IHT shortfalls

HMRC opened 2,029 investigations between April and November alone, recovering £172 million. This is part of a larger trend – with over 3,100 investigations and £251 million recovered in the previous tax year.

The Times said that the Treasury is expected to raise £7.6 billion from inheritance tax in 2023-24, an increase of £500 million from 2022-23.

The seven-year rule permits tax-free gifting if the donor survives seven years. HMRC is scrutinising gifts to prevent underpayment or avoidance. Interest is levied at 7.75% on overdue tax.

HMRC investigates over 2,000 families for inheritance tax shortfalls

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