HMRC has created a secret unit to investigate the use of family investment companies (FIC) by the very wealthy to avoid paying inheritance tax.
It puts family offices with a combined total of more than $1tn in assets within its sights.
The tax authority set up the team in April last year amid growing concern that the wealthy avoid paying tax through sophisticated legal loopholes and was first reported by the Financial Times.
Download the full article with the link below.