HMRC launched 9,368 investigations into Inheritance Tax valuations over the last year and is actively targeting estates and beneficiaries say tax advisers UHY Hacker Young.

In instances where additional tax was payable, this averaged £24,600 per case.  Based on HMRC figures, approximately £70 million of additional tax was raised as the result of HMRC challenging the valuations of properties included in the estate of a deceased person in 2010.

HMRC has previously advised estate beneficiaries to obtain several property valuations and strongly recommends the engagement of a professional valuer or chartered surveyor.