HMRC recovers nearly £500M in underpaid capital gains

HMRC: HMRC is the United Kingdom's tax, payments and customs authority responsible for collecting taxes and ensuring compliance across individuals and businesses. It oversees capital gains tax administration and enforcement actions to address underpayments. Recent developments show HMRC advancing digital tax reporting initiatives and conducting sector-specific inquiries to strengthen overall compliance. Budget Context: The UK Chancellor is preparing the October budget with ongoing discussions around capital gains tax rates and compliance measures. Digital Reporting: HMRC has successfully launched the Making Tax Digital regime for income tax with positive initial submission numbers from sole traders and landlords. Enforcement Scope: HMRC maintains active inquiries across multiple sectors including sports and online platforms to address tax obligations.