HMRC steps up IHT probes following boom in property prices HM Revenue & Customs clawed back a record £326m through investigations into inheritance tax last year. Data obtained by the insurer NFU Mutual show the amount raised through probes in the year to March 2022 was 28% higher than for the previous 12 months. HMRC has a team dedicated to targeting wealthy individuals – which it defines as the 800,000 people in Britain with an income above £200,000 or assets of over £2m. Sean McCann, of NFU Mutual, said: “More inheritance tax is being recovered from HMRC investigations due to the rising value of assets and the potential sums at stake, which justify HMRC spending more time looking at individual cases.” IHT is a tax that hits many motorsport business owners hard and careful advance planning is needed.