Unexplained wealth orders were introduced in the Criminal Finances Act 2017 but HMRC rarely uses the tool to investigate individuals and has only brought nine investigations based on the orders.

At a press conference on the war in Ukraine, the Prime Minister confirmed that HMRC will be asked to use its unexplained wealth order (UWO) powers to ramp up its investigations.

 Fiona Fernie, a tax disputes and resolution partner at tax and advisory firm Blick Rothenberg, said: ‘The Prime Minister announced that he will use unexplained wealth orders, and they could be a huge asset investigating who owns what at this critical time.

‘The government will be asking HMRC to use its sophisticated computer systems to investigate individuals and companies who may be of interest.