Inland Revenue has rich and famous within sights
News that the Inland Revenue has set up a team of experts specifically to go through the tax returns of wealthy individuals in the UK will send tremors around the higher echelons of society. This is not the first time the UK government has targeted the rich and famous with a recent clampdown on overseas tax havens and overseas earnings. However, the new "high net worth unit" is set to pursue and investigate the 5000 wealthiest individuals in the UK.
The unit will go through their tax returns, assets and income with a fine tooth comb and will take particular interest in overseas trusts and overseas companies. While officially the Inland Revenue is putting this particular unit forward as a more personal, tailored and proactive service for the rich and famous it is in effect a reality check. While "creative accounting" and tax efficient planning may be perfectly legal there are a number of transactions which come into the "grey area" of uncertainty.
While the Inland Revenue has not officially confirmed the lower limit of assets for those who would fall under the auspices of the new unit, it is rumoured to be around £10 million. It will be interesting to see how the service operates and the end result.
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