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Thousands of families face paying DOUBLE inheritance tax as HMRC cracks down | Personal Finance | Finance
HMRC issued a hefty £2.28million worth of IHT penalties in the 2022/23 financial year, an increase of more than a third on the year before. In two years, the taxman’s take from IHT penalties has increased by more than half, according to a freedom of information request by NFU Mutual. So make sure you don’t get caught.
IHT is complex and it is all too easy to find yourself penalised, said Sean McCann, chartered financial planner at NFU Mutual. “HMRC normally issues penalties to families who either undervalue the assets being passed down or fail to include them on their IHT return.”
Families have to calculate how much IHT they owe and pay up within six months of the family member’s death. Otherwise they are charged interest on any money due.
A major problem is that it can take a lot longer than that to sell a property, especially today, and it’s hard to work out the true value until it is sold, leading to errors.
It may be wise to err on the side of caution. If you sell the property for less than you anticipated, which is more likely to happen today as house prices fall, you should be able to claim back any IHT overpayment.
The size of the penalty HMRC imposes on IHT miscalculations will depend on the nature of the error and whether someone deliberately set out to avoid paying tax due.
If the family failed to take “reasonable care” the penalty can be up to 30 percent of the unpaid tax, McCann said. “This regularly happens where families do not get professional valuations for property or other valuable assets, and understate their value as a result.”
If HMRC decides the family made a “deliberate” decision to provide incorrect information or fail to include assets on their IHT return, the tax penalty can rise to a punitive 70 percent.
It gets worse if HMRC decides you were hiding something. “Taking steps to hide errors is likely to be viewed as ‘deliberate and concealed’ and attracts a penalty of up to 100 percent,” McCann added.
In other words, you will pay twice the tax due.
Getting away with tax fraud is harder than ever thanks to HMRC Connect, a data mining computer system that cross-references people’s tax records with other databases to establish fraudulent or undisclosed activity.
This holds a staggering 55billion data items and it’s growing all the time. It covers everything from Land Registry property sales data to bank and credit card transactions, DVLA records and even your emails, social media posts and internet browsing history.
HMRC can reference this against the information on your IHT return, McCann said: “As latest figures show, HMRC does not hold back where it suspects underpaid tax.”
IHT rules are riddled with quirks and complexities so make sure you understand them in detail and seek advice if unsure.
Gifts to loved ones are typically free of IHT provided you live for another seven years, but there are exceptions to this rule.
For example, if you gift a property to your children but continue living there without paying a market rent, it could still incur an IHT charge.
The same applies if you have regular overnight stays. It could even be liable for IHT if you nip round and borrow books from the property more than five times a year, in a particularly bizarre tax rule.
READ MORE: 10 ‘clever’ tips to avoid inheritance tax trap and pass on more to loved one
If you sell a property to a child at a reduced price, the difference between the sale price and market value is seen as a gift under IHT rules. So it may incur tax if you die within seven years.
In another bizarre rule, after gifting a car, you cannot accept more than three lifts a month in the vehicle otherwise it may become liable to IHT.
The payout from any life insurance policies may also be liable, unless they were put in trust. Many don’t realise this and face a huge shock.
Trusts also have pitfalls, though. Many wrongly assume assets held in trust are exempt from IHT but that only applies if you survive for seven years after gifting them (and in some cases 14 years).
HMRC netted a record £7.1billion of IHT last year and is on course to harvest £8billion in the current tax year.
The basic nil-rate threshold has now been frozen at £325,000 since 2009, catching more families as asset values rise in a process known as fiscal drag.
Stephen Lowe, group communications director at retirement specialist Just Group, said too many families fail to take advantage of IHT gifting allowances. “As HMRC rakes in more cash plan ahead to reduce your liability.”
Trent Ltd. is set to announce results for the fourth quarter of FY26 this week. It is part of the Tata Group and a leading retail company specialising in fashion and lifestyle products. Important brands under Trent include Zudio, Westside and Utsa. Here’s everything you need to know about Trent’s Q4FY26 results schedule.
Trent Q4 Results: Date, Dividend, Bonus Issue
In an exchange filing dated April 17, Trent said that a meeting of its Board of Directors is scheduled on April 22 to consider and approve the audited standalone and consolidated financial results for the financial year ended March 31.
The Board of Directors will consider the recommendation of dividend, if any, on the equity shares of the company for the year ended March 31, subject to approval of the shareholders of the company.
It will also consider the issuance of bonus shares, subject to the approval of the shareholders of the company.
Trent Q4 Results: Trading Window Closure
The trading window of the company has been closed from March 25 to April 24 in compliance with SEBI rules to prevent insider trading.
Trent Q4 Results: Earnings Call
The company is yet to announce a schedule for an earnings call with investors and analysts.
Trent Q3 Results
Trent reported a 13.88% year-on-year (YoY) rise in consolidated total income to Rs 5,363.85 crore in Q3FY26 from Rs 4,710.20 crore in Q3FY25. Net profit grew 2.7% YoY to Rs 510.11 crore in Q3FY26 from Rs 496.54 crore in Q3FY25.
Trent Share Price History
Shares of Trent have risen 8.52% in the past five trading sessions on the NSE. In the past month, it has increased 27.52%, and in the past six months, it has declined 10.66%. On a year-to-date basis, Trent share price has fallen 0.40%. Over the past year, it has dropped by over 20%.
The stock hit a 52-week high of Rs 6,261 apiece on the NSE on June 30, 2025, and a 52-week low of Rs 3,275.5 apiece on March 30. Trent shares were trading 0.89% up at Rs 4,280.40 apiece on the NSE as of 10 a.m. on Tuesday. This compares to a 0.57% rise in the benchmark NIfty 50.
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Tilak Varma smashed a brilliant maiden IPL century to power the Mumbai Indians to a commanding 99-run victory over the Gujarat Titans on Monday, ending their four-match losing streak.
Varma remained unbeaten on 101 off just 45 deliveries, bringing up his hundred with a boundary off the final ball of the innings as MI posted 199 for five despite a shaky start.
Chasing the target, Gujarat Titans collapsed to 100 all out in 15.5 overs, with left-arm pacer Ashwani Kumar leading the charge with an impressive spell of 4 for 24. None of the GT batters managed to make a meaningful impact. GT’s downfall started right on the first delivery of their innings as Jasprit Bumrah got opener Sai Sudharsan caught by debutant Krish Bhagat. It was Bumrah’s first wicket of the season, the pace ace thus ended his five-match long wicket drought.
Earlier, MI found themselves under pressure in the powerplay after Kagiso Rabada struck with three wickets, finishing with figures of 3/33. Naman Dhir chipped in with a steady 45 off 32 balls, but it was Varma who anchored the innings with authority, smashing seven sixes and eight fours to end his lean run in style.
It is the first time that MI have managed to beat GT at the Narendra Modi Stadium. The win helped MI climb to the seventh place on the IPL points table while GT remain at sixth spot.
Brief scores:
Mumbai Indians: 199/5 in 20 overs (Tilak Varma 101*; Naman Dhir 45; Kagiso Rabada 3/33, Mohammed Siraj 1/25);
Gujarat Titans: 100 all out in 15.5 overs (Washington Sundar 26; Ashwani Kumar 4/24, Mitchell Santner 2/16)
IPL 2026 Table:
| Teams | Matches | Wins | Losses | No Result | Points | Net Run Rate |
| Punjab Kings (PBKS) | 6 | 5 | 0 | 1 | 11 | 1.420 |
| Royal Challengers Bengaluru (RCB) | 5 | 4 | 2 | 0 | 8 | 1.171 |
| Rajasthan Royals (RR) | 6 | 4 | 2 | 0 | 8 | 0.599 |
| Sunrisers Hyderabad (SRH) | 6 | 3 | 3 | 0 | 6 | 0.566 |
| Delhi Capitals (DC) | 5 | 3 | 2 | 0 | 6 | 0.310 |
| Gujarat Titans (GT) | 6 | 3 | 3 | 0 | 6 | -0.821 |
| Mumbai Indians (MI) | 6 | 2 | 4 | 0 | 4 | 0.067 |
| Chennai Super Kings (CSK) | 6 | 2 | 4 | 0 | 4 | -0.780 |
| Lucknow Super Giants (LSG) | 6 | 2 | 4 | 0 | 4 | -1.173 |
| Kolkata Knight Riders (KKR) | 7 | 1 | 5 | 1 | 3 | -0.879 |
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Dasun Shanaka has been handed a one-year ban from the Pakistan Super League (PSL) after a review found him guilty of breaching his contract with both the league and Lahore Qalandars. The Sri Lankan all-rounder had been signed for PKR 75 lakh for the ongoing PSL 2026 season.
The breach of contract happened when Shanaka withdrew from PSL and signed up with Indian Premier League (IPL) franchise Rajasthan Royals. RR signed the Sri Lankan all-rounder as the replacement of Sam Curran, who was forced to withdraw from the league due to an injury.
According to media release issued by the Pakistan Cricket Board (PCB), Shanaka’s withdrawal from the PSL constituted a clear breach of both the Player Registration terms and the Tripartite Agreement. The board stated that his reasons for leaving were not recognized under the contractual framework.
Also Read | MS Dhoni’s IPL Return: CSK Batting Coach Michael Hussey Shares Update On Recovery
Shanaka has expressed his regret for the breach of contract.
“I deeply regret my decision to withdraw from the HBL PSL and offer my sincere apologies to the people of Pakistan, the fans of HBL PSL, and the wider cricket community,” said the release quoting Shanaka.
“The HBL PSL is a prestigious tournament, and I fully understand the disappointment caused by my actions. To the loyal fans of Lahore Qalandars, I am truly sorry for letting you down. I must clarify that at the time I withdrew from the HBL PSL I had no intention of joining any other tournament,” Shanaka added.
“I have the greatest respect for Pakistani Fans and have always enjoyed my time in Pakistan. I hope to return to the HBL PSL in the future with renewed dedication and the trust of the fans.”
The PCB has said it has noted the player’s expression of regret and his stated passion for playing in Pakistan, however, the board emphasised that the seriousness of the violation required disciplinary action to protect the league’s integrity and exclusivity.
Shanaka is the third player this year who withdrew from the PSL and joined IPL. Before him, Zimbabwe’s Blessing Muzarabani and Australia’s Spencer Johnson also left PSL commitments for IPL deals.
Muzarabani had signed up with PSL side Islamabad United but when Kolkata Knight Riders offered him a deal, the pacer withdrew from the PSL and joined the three-time winners of the IPL. The 29-year-old has been slapped with a two-year ban from the PSL.
But Muzarabani hit back on his ban via a strongly-worded statement released by his agency on April 19. He said, “You simply cannot breach a contract you have never received.”
Similarly Johnson was expected to represent Quetta Gladiators in the PSL however the left-arm pacer joined five-time IPL winners Chennai Super Kings as the replacement for injured Nathan Ellis.
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