Hot on the heels of Tax Update 2026, Legislation Day delivers a batch of measures to contend with: 24 policy papers, four new consultations and five consultation responses. Our report picks through the detail. Dominating the package is the new securities transfer tax: 106 pages of draft legislation, accounting for around 40% of all draft measures published on the day. We also have details of the mandatory foreign permanent establishment exemption; advisers will no doubt be paying close attention to the restricted losses and anti-avoidance rules. True to its word, the Government has launched a consultation on pre-development costs following the Supreme Court's decision in Orsted West, but as Kim Ashley notes this seems more exploratory than reform driven, with the Government stating from the outset that it is ‘not currently minded to legislate’. It seems no L-Day would be complete without tougher compliance obligations; this time, a proposed new duty to correct errors - a measure that receives short shrift from Adam Craggs. Meanwhile, the consultation on withholding tax is viewed sceptically by Eloise Walker, who questions whether the reforms are really about simplification at all - unless simplification means 'making it the taxpayer's problem'.
My thanks to all our authors.
Paul Stainforth
Editor, Tax Journal
Legislation Day: draft Finance Bill 2027
Special report by Lexis+® UK Tax
Legislation Day 2026: The Foreign Branch Exemption reforms
by Andrew Parkes, National Technical Director, Andersen in the UK
Legislation Day 2026: The securities transfer tax
by Richard Sultman, Partner, and Rob Sharpe, Partner, Cleary Gottlieb Steen & Hamilton
Legislation Day 2026: Alas, poor stamp duty! I knew it
by Philip Ridgway, Barrister, Temple Tax Chambers
Legislation Day 2026: Simplifying treaty relief from WHT on interest paid overseas
by Eloise Walker, Partner, Pinsent Masons
Legislation Day 2026: Modernising the correction of errors
by Adam Craggs, Partner & Head of Tax, Investigations and Financial Crime Team, RPC
Legislation Day 2026: The consultation on predevelopment costs
by Kim Ashley, Corporate Tax Partner, RSM UK
Legislation Day 2026: Aligning IT and NIC collection
by David Whiscombe, David Whiscombe LLP
Legislation Day 2026: Oil and gas revenue levy
by Jenny Doak, Partner, Paul Hastings
Legislation Day 2026: Low value imports
by Simon Baxter, Managing Director, Alvarez & Marsal Tax
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