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 ...