Article posted 19 November 2012

Affluence isn’t what it used to be…

At last year’s Liberal Democrat conference in Brighton, Danny Alexander, the Chief Secretary to the Treasury, announced that HMRC would create a new ‘Affluent Unit’, targeting those with a net worth of at least £2.5 million. In the Treasury’s words, the Unit uses ‘new and innovative risk assessment techniques to identify areas where wealthy individuals are avoiding or evading taxes and duties’.

At the 2012 conference Mr Alexander revealed that the remit of the Unit would be extended to cover anyone with net worth of £1 million or more. This will increase its audience by two thirds to 500,000. To help cope with the greater number, ‘an extra 100 inspectors and specialists will be recruited’.

The Financial Services Authority does not regulate tax advice.