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"The objective of the team was to establish an improved understanding of FICs in order that HMRC can better support taxpayers who use FICs to understand and comply with their tax obligations" - HMRC
HMRC has completed its review into the use of Family Investment Companies (FICs), concluding they are not being used for tax-avoidance purposes.
The taxman's team was initially set up in April 2019 to investigate the tax risks of FICs, specifically in relation to inheritance tax (IHT). FICs have traditionally been used as part of succession...
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