Integrafin Holdings, the parent company of adviser platform Transact, is to challenge HMRC’s decision to exclude one of its companies from the UK VAT group.

Revenue increased 6% year-on-year to £39m for the Chartered Insurance Institute (CII) as it returned to operating profit in 2021 but the professional body faces a potential tax bill of up to £2.5m.

A surge in the registration of new and existing trusts with HMRC is expected ahead of the deadline of 1 September.

Inheritance tax receipts for April 2021 to February 2022 hit a new record high of £5.5bn.