Crack down on unpaid CGT raises £140m for HMRC

New research suggests that investigations into unpaid Capital Gains Tax (CGT) managed to raise an additional £140million for HM Revenue & Customs (HMRC) over the course of the last financial year.

The news comes as part of an ongoing crackdown on the tax affairs of large businesses and wealthy individuals, spurred on by recent event such as the Panama Papers scandal.

However, according to reports, £85m of the £140m total raised related to investigations into the CGT affairs of ‘regular’ taxpayers and small and medium-sized enterprises (SMEs), while the Revenue brought in £55m from investigations relating to high net worth individuals (HNWIs) in comparison.

The news comes shortly after separate data revealed that HMRC’s specialist Fraud Investigations Service (FIS) collected an additional £5bn for the Treasury during the same period.

The unit, which was first set up in 2015 to deal with in-depth tax probes of HNWIs, large companies and SMEs alike, has been praised for its ongoing successes.

However, despite its impressive tax take during the last financial year, experts have been keen to point out that almost £17bn is believed to have been ‘lost’ as a direct result of tax fraud.