IHT valuations targeted by HMRC

Based on HMRC figures, UHY Hacker Young said approximately £70m of additional tax was raised as a result of HMRC challenging the valuations of properties included in the estate of a deceased person in 2010, the Independent on Sunday reports. UHY Hacker Young explained if an IHT valuation is found to be incorrect and HMRC considers that "reasonable care" was not taken in establishing it, the estate and its beneficiaries could face a fine of up to 100% of the additional tax liability, as well as the additional tax due. "If a property is undervalued by £20,000, this could result in an ad...