HMRC's family company investigation could uncover 'shadowy' practices

It was recently revealed that the UK's tax authority is investigating the use of family investment companies (FIC) by the very wealthy as a means of avoiding inheritance tax (IHT). Beaufort Group co-founder and chairman Simon Goldthorpe said FICs, which are used to hold stocks and bonds to pass down between generations, were obviously tax avoidance vehicles at times. "We see FICs that are not even close to trading - they are just avoidance mechanisms. We come across FICs, or advisers that are suggesting structures to FICs, which won't pass any of the ordinary tests that HMRC apply, bu...