HM Revenue & Customs (HMRC) launched inheritance tax investigations and seized £326 million from grieving families.
Profiting from rising real estate values, the government has been working harder to extort money from families that aren’t paying their fair share of inheritance taxes.
Information obtained via a Freedom of Information Act request by the insurance company NFU Mutual shows that HMRC raised 28% more money in the year ending in March 2022 than the previous year.
Investigations of those who have made a mistake are conducted in the same way as those who are consciously concealing facts, and they may go for years.
Only the portion of your estate that exceeds the £325,000 threshold is subject to the usual inheritance tax rate of 40%.
Prime Minister Rishi Sunak’s decision to freeze the threshold until 2028 is anticipated to increase HMRC’s income going forward.
Along with this, the Government will provide the tax authority with £79 million over the next five years to aid in hiring additional workers in an effort to go after the top taxpayers.
The bulk of the £326 million that was recovered from HMRC came from investigations that started in previous years.