HMRC's latest inheritance tax crackdown to target wealthy Britons using legal loopholes

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HM Revenue and Customs (HMRC) is preparing to crack down on wealthy Britons who use legal tax arrangements to reduce inheritance tax and capital gains tax liabilities under a major proposed expansion of its enforcement powers.The tax authority is seeking to widen its Uncertain Tax Treatment regime, first introduced for large businesses in 2022, to include private individuals benefiting from tax advantages worth more than £5million.Under the proposals, affluent taxpayers would be required to inform HMRC when using arrangements that rely on disputed or uncertain interpretations of tax law.HMRC would then examine whether it agrees with the taxpayer's interpretation of the legislation.

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TRENDING Stories Videos Your Say Trusts are also set to be brought within the scope of the expanded regime as HMRC intensifies efforts to close the tax gap.The consultation on the proposals closes in three weeks, with HMRC additionally planning to extend the rules to cover inheritance tax, capital gains...

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