26/12/19
Inheritance Tax | Crackdown On Evasion
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It has been revealed that HM Revenue & Customs (‘HMRC’) has launched a crackdown on Inheritance Tax (‘IHT’) evasion, which may result in a large number of people finding themselves subject to investigation and possible liability for payment of substantial fines.
The Position
- It is estimated that one in four estates are now investigated for suspected IHT avoidance.
- Last year twenty-two thousand estates were liable for payment of IHT across the UK.
- The affairs of more than five thousand five hundred and thirty estates were investigated by HMRC.
- Where HMRC evidence complete evasion or an underpayment of IHT it will require the shortfall to be recovered from the estate.
- In addition, a substantial financial penalty will be imposed and recovered from the estate.
How Can We Help?
If you have been contacted by HMRC it is essential to seek specialist legal advice at an early stage.
Who Should I Contact?
If you require legal advice please contact any one of the following for a free consultation at our offices in London, Birmingham or Manchester:
Hamraj Kang
hkang@kangssolicitors.co.uk
07976 258171 | 020 7936 6396 | 0121 449 9888
John Veale
jveale@kangssolicitors.co.uk
0121 449 9888 | 020 7936 6396
Tim Thompson
tthompson@kangssolicitors.co.uk
0121 449 9888 | 020 7936 6396 | 07989 521210
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