Court Declines to Order Girl’s Return to USA
The Family Division of the High Court recently refused an application for a 13-year-old girl’s summary return to the USA, in a decision in which the girl’s own objections to...
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.