The jump in settled investigations comes as Andy Burnham, expected to be the next prime minister, considers ways to raise taxes. Members of his top team have called for capital gains rates to be brought in line with income tax, which would hit thousands of investors with significantly higher bills.
Mr Caddock said that he believed HMRC had also been targeting cryptocurrency investors and amateur “day traders” for CGT investigations.
For the past two years, HMRC has been sending “nudge letters” to owners of cryptoassets suspected of failing to pay the appropriate tax on their profits, he said.
Any individual who has sold cryptoassets for a profit could have reporting and tax obligations and may need to file a tax return, or risk paying interest and penalties on any amounts owed.
Tax non-compliance on cryptoasset holdings is estimated to range from as high as 55pc to 95pc, according to HMRC.
Mr Caddock added: “Cryptocurrencies were renowned for being the ‘wild west’ of investing. For many crypto investors, this categorisation has stuck and many underestimate how seriously HMRC treats undeclared gains.
“Even worse, some crypto investors think that gains made through digital assets somehow sit outside the normal tax rules, which is exactly why HMRC is targeting the sector so aggressively.”
Ms Griffin added: “Anyone who has sold investments outside an Isa or pension, disposed of a second property, or made other taxable gains should ensure they understand their reporting obligations.
“HMRC has shown it is willing to pursue non-compliance, and the cost of correcting mistakes after an investigation can be substantially higher than seeking advice and getting it right from the outset.”
HMRC was contacted for comment.
