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Family offices urged to take notice of HMRC's new information seeking powers

The introduction of new legislation is set to give HM Revenue & Customs greater information seeking powers and the ability to collect debts directly from financial institutions without first routing their requests through the tax payer.

In this article my colleagues, Michael Ridsdale, a Tax Partner in our Business Advisory Team, and Andrew McIntyre, a Solicitor in our Private Client Team explore these new measures in further detail and consider their application to family offices and ultra high net worth clients.

HM Revenue & Customs’ powers to obtain information from financial institutions are set to increase, with the requirement for taxpayer or tribunal approval to be removed.

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