Bereaved wealthy families are likely to see a crackdown on their inheritance tax (IHT) payments this year amid claims they could have underpaid by millions of pounds.
HM Revenue & Customs (HMRC) believes families could owe as much as £325million, which it is currently investigating, according to accountancy group UHY Hacker Young.
This figure, from the tax year to March 2024, could be the result of mistakes made when declaring probate – where an executor calculates the total value of an estate for HMRC.
IHT is levied at 40 per cent on an estate worth more than £325,000. Under this threshold there is typically no tax.
HMRC is investigating millions of pounds of unpaid inheritance tax by wealthy families (file photo)
Those who leave property to direct descendants have an extra allowance of £175,000 exempt from IHT.
UHY Hacker Young said IHT probes are set to increase. But
an HMRC spokesman said: ‘Our forecasts show more than nine in ten estates won’t have IHT to pay in the coming years.’
