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  1. Wealth
April 6, 2009

FT: HMRC to set up HNW tax unit

By Spear's

High earners could be pursued with new vigour by the tax authorities as specialist teams were set up this week to examine the financial affairs of some of the UK’s most wealthy individuals.

From the Financial Times:

High earners could be pursued with new vigour by the tax authorities as specialist teams were set up this week to examine the financial affairs of some of the UK’s most wealthy individuals.

The new “high net worth unit” will identify the 5,000 wealthiest taxpayers in the UK and conduct thorough reviews of their financial dealings and assets.

Inspectors are expected to pay particularly close attention to complex property and shares transactions, particularly when opaque structures, such as offshore trusts and companies, have been used.

To read the full story, visit ft.com
 

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