HMRC & Wealthy Taxpayers

HMRC » December 3, 2021

If your clients are wealthy individuals, they will be looked after by specialist teams within HMRC. These teams have a particularly low staff ration and this enables the teams to spend as much time as they need to in reviewing the tax position of these individuals.

If your clients fall into any of these categories, tax advice should almost certainly be sought on the implications of divorce or separation.  In the case of:

Wealth UnitMonitors UK residents with a net wealth over £2m and/or income in the last three years has been over £200k.
High Net Worth Unit  Monitors UK resident individuals with a net worth of £20 million or more.
Finance Team (High Net Worth Unit)Focuses on individuals connected to the finance sector. For example, hedge funds, private equity and banking entities.
Rising Stars Team (High Net Worth Unit)Deals with people who have rapidly increasing wealth indicating that they will meet the HNWU’s wealth criteria in the next few years.
Foreign Entertainers Unit  Non-resident athletes and entertainers (eg musicians, artists etc)

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