Fresh IHT clampdown to target deathbed gifts

Gifts made by taxpayers within seven years of their deaths are considered to be within their estates for IHT purposes in order to prevent people trying to dodge the tax by giving away assets on their deathbeds. However, in a ‘fairly significant departure’ from former rules, HMRC will now compare information on IHT returns with information provided to HMRC during the lifetime of the deceased, plus information from other sources. This will ignore its previous commitment to only challenge estates within 60 days of giving clearance they are below the IHT threshold, says Dixon Wilson. T...