HMRC collects £124m from CGT avoidance investigations

For 2016/17 tax year

Hannah Godfrey
clock • 2 min read

HM Revenue and Customs (HMRC) collected some £124m over the last financial year from investigations into small and medium-sized enterprises (SMEs) and 'wealthy individuals' suspected of avoiding capital gains tax (CGT), according to Collyer Bristow.

The latest figure calculated by the law firm is slightly down on the total gathered by the government through investigations during the 2015/16 financial year, which saw HMRC pick up an extra £140m through similar investigations. Collyer Bristow warned changes to some tax reliefs meant many entrepreneurs and "wealthy individuals" were facing increased tax bills and some risked "going too far" in reducing their bills through avoidance schemes. The firm added that, due to restrictions on eligibility made in the 2015 Budget, it has become increasingly difficult for owners of SMEs in part...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

The right advice for divorcing family business owner clients

The right advice for divorcing family business owner clients

Making it work with proper planning and professional advice

Joanna Toloczko
clock 21 March 2024 • 5 min read
IHT receipts continue to rise as government nets £6.8bn

IHT receipts continue to rise as government nets £6.8bn

Latest figures from HMRC show tax take continues to soar

Jenna Brown
clock 21 March 2024 • 1 min read
Child benefit changes could see higher earners reap pension boost

Child benefit changes could see higher earners reap pension boost

Analysis from Quilter says gains to be made from Spring Budget changes

Jenna Brown
clock 11 March 2024 • 2 min read