Financial Remedy Proceedings Remitted to High Court
The Court of Appeal has set aside a financial remedy order in a divorce between a wealthy couple, finding that it was necessary for the case to be reheard. ...
Continue readingIn 2011, HM Revenue and Customs (HMRC) challenged more than 10,000 Inheritance Tax (IHT) returns, according to accountants UHY Hacker Young. Each challenge yielded an average increase in IHT payable of £27,000.
In 2010, there were 493,000 deaths recorded in England and Wales. Given that many estates are of a much lower value than the current IHT threshold of £325,000, the implication is that the likelihood of a challenge is significant if HMRC suspect valuations of assets are incorrect or that not all estate assets are included.