HMRC collects £136m in capital gains tax probes

HMRC investigations have yielded a record £136m in extra capital gains tax (CGT) collected from individuals and small businesses in the last year, according to an accountancy firm.

Research by accountants UHY Hacker Young found the capital gains revenue brought by HMRC probes in 2013/14 was up 24% on the £110m collected in the year before. CGT is a tax on the profit made from the sale of assets that have increased in value - it is payable on second properties, shares, and businesses. The majority of the additional tax collected is thought to have come from property transactions, as HMRC has increasingly targeted buy-to-let investors, many of whom lack the experience of applying CGT properly, UHY suggested. The firm said HMRC has become "much more aggressive" ...