HMRC has launched 9,368 checks into the under-valuation of properties included in inheritance tax (IHT) calculations and is actively targeting estates and beneficiaries.

In the year to December 2010 it raised around £70m of additional tax as the result of challenging properties valuations included in the estates of deceased people. An HMRC spokesperson was keen to stress that these are not “investigations” but rather checks done in a matter of seconds to confirm property valuation.

www.accountingweb.co.uk/topic/tax/hmrc-targets-inheritance-tax-valuations/504148