HMRC has recently set up a new 'Affluence Unit' which has responsibility for reviewing the tax affairs of some 350 000 individuals with assets of at least £2.5m and/or who pay income tax at the 50% higher rate. HMRC's press release on the topic dated 31 October 2011 states that the unit will target: ‘wealthy individuals who own land and property abroad’. Other groups identified include commodity traders and people holding offshore accounts.
The new unit which has a 200-strong team of investigators might be seen as a second High Net Worth Unit (HNWU) designed to deal with a solvent but less affluent class of taxpayers. Readers will recall that the HNWU which was formed...
