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ARTICLE · 03 AUGUST 2021

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HMRC has announced it has closed down the specialist team established to review the use of Family Investment Companies (aka FICs) in 2019.

United KingdomTax
Deborah Clark
Deborah Clark

HMRC concludes its investigation into the use of FICs and closes down specialist unit.

HMRC has announced it has closed down the specialist team established to review the use of Family Investment Companies (aka FICs) in 2019. 

The team had been established as HMRC noticed the increased use of FICs by wealthy individuals to mitigate their inheritance tax and pass wealth down the generations. HMRC wanted to investigate how FICs were being used with a view to ensuring there was no tax avoidance associated with their use.

The team undertook a detailed review of several FICs and their associated trusts and shareholders to ensure there was no non-compliance.

The conclusion of the two year investigation was:

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