A blitz on Capital Gains Tax (CGT) evasion in 2011 has led to a huge increase in the amount of unpaid CGT identified. More than £105 million of unpaid CGT was uncovered – an increase of more than £30 million (43 per cent) on 2010.
Much of the increase came from an examination of the tax affairs of buy-to-let landlords in North West England and North Wales.
In May, HM Revenue and Customs (HMRC) announced that they were creating a task force to examine the tax affairs of landlords in London, East Anglia, the Midlands and the North East. This is expected to yield £17 million in unpaid taxes.
Revenue Blitz Increases CGT Recovery
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