HMRC now actively pursuing executors to check on inheritance tax declarations

In a bid to increase the finances of the Government, HMRC are on a mission to ‘’catch executors out’’ and recoup £millions in underpaid or avoided inheritance tax.

So far between March 2021 and March 2022 they have raised £326 million as a direct result of targeted investigations.

Executors need to be aware that they are PERSONALLY responsible for errors and many are forgetting about establishing all the gifts made by the deceased in the 7 years prior to their death, which will almost certainly need to be brought back into the equation for purposes of Inheritance Tax calculations.

Personal possessions are also often undervalued or overlooked completely which again is landing many executors in ‘’hot water’’.

It goes without saying that if an individual is undertaking the thankless task of being an executor for an estate, significant care is needed and ideally proof-reading of the accounts should be undertaken by a professional before submission.

Thy Will Be Done can take away this headache completely for anyone who is nominated as an executor and would prefer not to take on the role.

Our charges are just 1.75% plus v.a.t of the estate value and includes all the work required including the disposal of a property.

To find out how we can help, give our team a call on 0800 668 1164 or request we call you by filling in the form on our contact page.