Inheritance Tax Act 1984 section 247

Provision of incorrect information

Section 247 deals with penalties that may be imposed when incorrect accounts, information or documents are provided to HMRC in connection with inheritance tax, whether by taxpayers, non-liable persons, or third parties who assist or induce such provision.

• A person liable for tax who fraudulently or negligently delivers an incorrect account, information or document faces a penalty of up to 100% of the tax potentially lost.
• The tax potentially lost is the difference between the correct tax due and the tax that would have been due based on the incorrect information.
• A person not liable for tax who fraudulently or negligently provides incorrect information or documents faces a penalty of up to £3,000.
• Any person who assists in or induces the delivery of an account, information or document they know to be incorrect faces a penalty of up to £3,000.