HMRC software upgrade recovers £26m IHT

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HM Revenue & Customs (HMRC) has recovered more than £26m in missing inheritance tax (IHT) in the last year with the aid of new software.

The taxman developed the software to cross reference bank accounts, employment history, company ownership and property transactions, The Times reports. The Connect technology can trawl through information from the estimated 300,000 people a year who claim their IHT is below the £325,000 threshold. Originally introduced in 2008, the powerful software was upgraded last year. Speaking at a conference today, Treasury minister David Gauke is expected to say new technology is helping HMRC become more effective at analysing data. "My ambition is for the UK to become the market leader a...

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