Friday, September 28, 2007
According to Faith Archer & Harry Wallop, Crackdown on 7-year inheritance tax gift rule, Telegraph, Sept. 21, 2007:
The authorities are trawling through financial information such as bank statements and pension plans, to make sure any gifts made during the seven years before the donor's death have been accurately declared. If families fail to complete paperwork accurately they could be fined.
Enforcement of the law is not going over well and has been deemed as "squeez[ing] yet more tax out of bereaved families" and "tightening the screws on the taxpayer to feed [the Treasury's] insatiable appetite for cash."
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.