eprivateclient

HMRC specialist unit set to crack down on family offices

Emelia Hamilton-Russell, 25/02/2020

The UK government has set up a specialist unit within HMRC to crack down on possible tax evasion within UK family offices.

News broke last week that since April 2019, HMRC has had a secret unit which focuses solely on investigating Family Investment Companies (FICs).

Despite the unit being set up before Boris Johnson's Tory party won the December 2019 election, reports have suggested that the unit is part of the new government's plans to eliminate “arbitrary tax advantages for the wealthiest” – one of the pledges laid out in its manifesto.

Sophia Passingham, a private client tax director at Tax Advisory ...


Continue reading this article...


Start a free trial now for access to breaking news of the regulatory environment and legislative change happening in wealth management.







You are currently not logged in,
login to view the full article
start by clicking this button.





Need a subscription,
fill out the form here or
contact subs@eprivateclient.com


About PAM

PAM Insight is the world’s leading independent provider of essential specialist news, analysis and comparative data for the fast-evolving world of wealth management.

Read more about PAM

Subscribers

eprivateclient is the leading website and news service for private client practitioners, including lawyers, accountants, trustees and fee-based IFAs.

Read more