Manchester Solicitors

A recent report from well known accountants Hacker Young indicates that HMRC are getting very tough when it comes to valuation of assets on estates which are subject to payment of inheritance tax (IHT). With many estates, it is necessary to obtain valuations on death and this is where the controversy can come in since the professional valuations can vary and there are often suspicions by the HMRC that certain valuations are favourably low in the hope that if and when those assets are sold, a co-operative valuation may lead to subsequent work on a sale. According to the Hacker Young report there wer nearly 10,000 investigations by the HMRC about IHT returns in 2010, which is a comparatively high figure based on the fact that only around 5% of estates are subject to IHT each year, which in turn may mean that investigations are carried out into a percentage of nearly 50% of situations where IHT is payable. Consequently, it is recommended that you take good advice on any IHT estate. we can help, so please get in touch and also, perhaps visit our wills and probate section on this site,