HMRC software upgrade recovers £26m IHT

clock

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA consults on increased fees amid AI plans

FCA consults on increased fees amid AI plans

Regulator proposes to raise minimum and flat fees by 1%

Sophia Panayi
clock 26 March 2026 • 3 min read
FCA looks to drop annual suitability review requirement for ongoing advice services

FCA looks to drop annual suitability review requirement for ongoing advice services

Regulator pushes for ‘periodic’ assessments instead

Isabel Baxter
clock 25 March 2026 • 2 min read
FCA considers trail commission future as it consults on simplified advice

FCA considers trail commission future as it consults on simplified advice

Follows targeted support work

Jen Frost
clock 25 March 2026 • 2 min read