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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15940
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Having played an inheritance tax bill in full and on time a

Customer Question

Having played an inheritance tax bill in full and on time a year ago they are now demanding another £40.000 as they think the property was undervalued. Is this permissible? Surely if the property was undervalued it should of been flagged up before they accepted our payment, not a year later.
Submitted: 5 months ago.
Category: Tax
Expert:  TonyTax replied 5 months ago.

Hi. My name is*****'m looking at your question now and will post my answer or ask for more information here in a short while.

Expert:  TonyTax replied 5 months ago.

There are varying time limits as you can see here. The minimum is four years from the date that the last IHT payment was made. The articles here and here may be of interest.

HMRC are within their rights to dispute a property valuation and usually they get the District Valuer involved. If I were you I would seek out prodessional advice if you intend to argue against HMRC or the District Valuer. However, taking a case to a Land Tribunal can be expensive in terms of professional fees and court costs.

I hope this helps but let me know if you have any further questions.

Expert:  TonyTax replied 5 months ago.

The website page behind the third link I gave you appears to have gone down. It's the first result in the google search here. It may be available later.