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” in its pursuit of unpaid CGT, after it experienced falling revenues in recent years despite introducing a higher tax rate and observing a better climate, including rising house prices and a recovering stock market.
The firm previously warned financial advisers were among the small and medium size businesses being “aggressively” targeted by HMRC for VAT payments.
UHY’s research showed last year was the second consecutive year HMRC collected a record amount of extra CGT as a result of its investigations.
It collected £110m in 2012-13, which was up 32% on the £83m extra collected in 2011-12.
Head of the London private client team at UHY Mark Giddens spoke of a “change in the mood music” at an “organisation with clearer priorities”.
He said: “The culture of HMRC is now much more stringent than in previous years. Investigations into SMEs and individuals are now a focus of the organisation in a way that was not the case in previous incarnations.
“Additionally we are seeing a more hardnosed attitude in HMRC’s approach to investigations.”
“With this sharper focus at HMRC is not a surprise to see that enforcement cases are bringing in rising amounts of extra tax. The record results over the past two years point to an organisation with clearer priorities.”
