NEWS

New Prime Minister Andy Burnham has appointed former Defence Secretary John Healey as Chancellor, and also announced that the VAT rate on qualifying domestic electricity supplies in Great Britain will be cut from 5% to 0% from 1 October 2026. The...

Regulations establishing the new loan charge settlement scheme have been made, alongside two sets of HMRC guidance explaining how the scheme will operate (Find out about the loan charge settlement scheme) and summarising the wider loan charge rules...

The Taxation (Energy and Vehicles) Act 2026 received royal assent on 15 July 2026. The Act:  increases the rate of the electricity generator levy from 45% to 55% for qualifying periods beginning from 1 July 2026; increases the approved rate for...

HMRC are seeking views on draft regulations that would update various definitions used in FA 2011 Sch 19 and the Bank Levy (Loss Absorbing Instruments) Regulations, SI 2020/1188, so that they align with corresponding rules in the recently updated...

The Government has published its summary of responses to the consultation on simplifying the taxation of offshore interest. The Government has decided not to take forward any formal proposals at this stage, but says it will continue to consider the...

The Registered Pension Schemes (Provision of Information) (Miscellaneous Amendments) Regulations, SI 2026/818, introduce various requirements in relation to the forthcoming pensions IHT changes.  In essence, the aim is to ensure that the personal...

HMRC are seeking views on draft legislation to set the annual cash ISA subscription limit for investors below the age of 65 at £12,000 from 6 April 2027. For investors aged 65 or over, the annual cash ISA limit will remain at £20,000.  The draft...

Revenue & Customs Brief 6/2026 sets out HMRC’s revised position on the VAT treatment of supplies of General Medical Council (GMC)-registered locum doctors following the Isle of Wight NHS Trust [2025] UKFTT 1114 (TC) decision. HMRC now accept that...

The Carbon Border Adjustment Mechanism (Calculation of CBAM Rate and Determination of Carbon Price Relief) Regulations, SI 2026/809, set out how the CBAM rate is to be calculated and how to determine the availability and amount of carbon price...

The Social Security (Contributions) (Isle of Man) Order, SI 2026/795, modifies UK social security legislation to give effect to the UK–Isle of Man agreement on NICs for employed and self-employed earners. The Order comes into force on the first day...