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LATEST NEWS & EVENTS HMRC ups efforts on inheritance tax valuations  A warning to people taking wills and inheritance tax planning advice has been issued after it emerged that HM Revenue and Customs (HMRC) is making people pay back money from properties that were undervalued. HMRC has launched nearly 10,000 investigations into inheritance tax valuations over the last year, according to chartered accountants UHY Hacker Young. It said the taxman is "actively targeting estates" and has made beneficiaries pay back approximately £70 million. The firm notes that if a property valuation is found to be incorrect and HMRC considers that "reasonable care" was not taken, the estate and its beneficiaries could be liable to pay a fine of up to 100 per cent of the additional tax liability, as well as the additional tax due. Mark Giddens, tax partner at UHY Hacker Young, said: "Inheritance tax doesn't just affect millionaires, but most of middle England where the estate may consist of little more than an average size property, and a family member may take on the task of administering the estate themselves." It comes after the Prudential warned that many people could be caught out as their estates will be exposed to inheritance tax over the coming years if asset values rise. Posted by Paul Stevens 
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