HMRC ditches Family Investment Companies taskforce

Team set up in 2019

clock • 2 min read

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 planning for high net worth clients but have become increasingly popular because of their tax advantages. Their structure means they can be used to transfer value to younger generations without the older generation releasing control of the assets and without creating an immediate IHT charge. An HMRC spokesperson said: "The objective of the team was to establish an improved understanding ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

Budget Media Watch: Labour could scrap 'family farm tax'

Budget Media Watch: Labour could scrap 'family farm tax'

What the papers are saying about the Budget

Sophia Panayi
clock 22 September 2026 • 2 min read
CGT receipts see monthly rise but fall short year-on-year

CGT receipts see monthly rise but fall short year-on-year

CGT receipts reached £198m for August 2026

Sophia Panayi
clock 22 September 2026 • 3 min read
Royal London launches estate and inheritance planning framework

Royal London launches estate and inheritance planning framework

To help advisers prepare for ‘significant changes’ in April 2027

Jenna Brown
clock 22 September 2026 • 2 min read