HMRC claws back nearly £500mn in underpaid capital gains

Last year, HMRC significantly boosted its capital gains tax (CGT) collections, nearly doubling the revenue from underpaid taxes compared to the previous year. This impressive haul of nearly £500 million underscores the tax authority's intensified efforts to catch individuals who haven't paid their due CGT. This crackdown is particularly significant as it highlights the growing scrutiny on tax compliance and the consequences of failing to report capital gains accurately. The move reflects a broader trend in tax authorities globally aiming to close loopholes and ensure fair taxation.