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 stands firm on not advocating for legislative change on AI

FCA stands firm on not advocating for legislative change on AI

‘That is the appropriate proportionate response’

Sophia Panayi
clock 22 October 2026 • 2 min read
FCA deputy CEO confirms simplified advice rules will  be published 'soon'

FCA deputy CEO confirms simplified advice rules will be published 'soon'

Sarah Pritchard speaks at the Investment Association Annual Dinner

Sophia Panayi
clock 22 October 2026 • 2 min read
FCA bans and fines ex-CEO after misconduct led to £4m losses in mini-bonds

FCA bans and fines ex-CEO after misconduct led to £4m losses in mini-bonds

Vector Wealth’s Jeffrey Dawkins fined almost £270,000

Sophia Panayi
clock 21 October 2026 • 1 min read