Over 2,000 families investigated over IHT
More than 2,000 families are being investigated by HMRC this tax year for not paying enough inheritance tax. HMRC opened 2,029 IHT investigations between April and November 2023. In 2022/23, over 3,100 investigations were opened with £251m recovered over the period. Only around 4% of deaths in the UK resulted in an IHT bill in 2020/21, but frozen thresholds and rising house prices are set to drag more people into the net. By 2028/29 the Office for Budget Responsibility expects some 43,600 estates, or 6.27% of deaths, to be liable. The taxman is expecting to increase its IHT take by £500m in 2023/24.