The Inland Revenue is planning to step up the imposition of penalties for the deliberate concealment of lifetime gifts liable to inheritance tax. The crackdown was revealed in a Treasury response to Public Accounts Committee comments on the operation of inheritance tax by the Capital Taxes Office. MPs said the office should 'give active consideration to penalty action whenever material understatements of gift tax liabilities have arisen through negligence or fraud'. The Treasury, in its response to a series of PAC reports, said they agreed 'the CTO should actively consider penalty action every time there have been material understatements through negligence of fraud.' CTO compliance staff have been given fresh training in the strengthened penalties regime provided in the last Finance Bill.
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