HMRC has forced families to stump up an extra £1.36billion following investigations into underpaid inheritance tax over the past five years, new figures show.
Suspected errors, omissions or under-valuations of assets can prompt deeper scrutiny of an estate and lead to higher bills as well as interest on late payments and penalties.
‘HMRC has substantial investigative powers and will check a range of sources to build a picture of the deceased individual’s financial affairs,’ warns NFU Mutual, which obtained the figures on the money recovered via a Freedom of Information request.
The total inheritance tax collected reached a record of nearly £8.5billion in
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