HMRC’s reported crackdown on inheritance tax (IHT) highlights both the complexity of the area and the potential financial consequences that families can face, an expert has warned.
According to data obtained by Telegraph Money, HMRC has claimed more than £600 million from around 2,000 families across the past five years. The Daily Telegraph outlined how this included people who were told to pay after breaching rules around gifting.
HMRC inheritance tax crackdown
The newspaper gave the example of parents who had given homes to children in order to reduce the value of their estate. However, they then remained in the properties and failed to pay a market rate of rent, as the rules stipulate.
Experts also went on to warn that more people could face such problems as they consider different strategies.
If you have been affected by these issues or have concerns, Tower Street Finance could help. Our IHT loan has been created to provide support when you are faced with an unexpected inheritance tax bill.
Dicky Davies, Director of Business Development at Tower Street Finance, said: “The rules around estate administration can be very complicated and this recent report highlights how many people are facing problems.
“If you are going through the estate administration process and such issues arise, then our IHT loan could provide support. It offers a host of key benefits including no credit checks and no monthly repayments, so it could provide peace of mind at a tough time.”
Find out more at about our Inheritance Tax Loan product or call us on 0343 504 7100.