HMRC is taking steps to tackle inheritance tax avoidance, by looking in more detail at the valuations of properties.
New figures released by HRMC show there has been a big rise in the number of valuations sent to the Valuation Office Agency (VOA) for further investigation. Those cases went up by 23.6% during the 12-month period ending on 30th September last year. The total number of valuations sent to the VOA in that period was 14,631, whereas for the same period the year before it was 11,845.
This reflects the belief within HMRC that there are many estates where property is being undervalued, leading to intentional or unintentional tax avoidance. Whereas the VOA previously only referred erroneous valuations to lawyers occasionally, this has greatly increased.
What it shows is the importance of having estate valuations arranged by qualified and reputable Probate solicitors in North Wales. Being hit with an unexpected demand for inheritance tax – as well as possible financial penalties – is something no family wants when coping with bereavement.
The number of people who are eligible for inheritance tax has risen, due a freeze on the nil-rate threshold and rises in the price of assets and property. The total receipts from this tax during the financial year 2025/26 were £8.5 billion.
This is an increase of £200 million on the total for the previous financial year and a record inheritance tax haul.
If you need solicitors in North Wales who can handle the Probate of a family estate, call Bennett Smith Solicitors right away.
