HMRC has shut down its specialist unit focused on Family Investment Companies (FICs) after it found no correlation between usage and non-compliant behaviours.

The team will be subsumed into the wealthy and mid-sized business compliance unit. FICs will now be looked at as “business as usual” rather than having their own team, HMRC said.

As part of the FIC unit’s investigation, its key findings were:

- The use of FICs appears to be a planning strategy, often with...