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...
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