IHT: Clampdown by HMRC on IHT avoidance
Inheritance tax seems to be an area that tax scheme providers are targeting more and more as this particular tax appears to attract those taxpayers who wish to entertain tax avoidance activity. So it’s the perfect combination of supply and demand!
However, HMRC are focused on closing loopholes that allow some tax avoidance schemes to fall off the radar. Several schemes in particular are designed to devalue the estate of a taxpayer over the course of their life and this is an area of high concern for HMRC.
Accelerated payment powers by HMRC
With the new legislation that allows HMRC to demand tax up front from those individuals and businesses that they suspect of being involved with various tax schemes will be utilised here for many cases of suspected IHT avoidance.
Read our related article: Could you be forced to pay disputed tax up-front?
Figurit focus on long term, robust tax saving strategies to help you save tax whilst remaining compliant with HMRC and the law. To discuss improving your tax position, call to speak to one of our tax advisors: 020 7376 9333