Hello,
We cover a wide range of topics this week, including the Loan Charge, share schemes, behavioural penalties and Research & Development, to name only a few. In addition, following last week’s Budget, the Overview of Tax Legislation and Rates (OOTLAR) was finally published on Friday.
The OOTLAR provides further detail in some tax policy areas, including the taxpayer groups now benefiting from a one-year deferral from joining Making Tax Digital for Income Tax. You will find our Budget guides have been updated for this, as we continue to delve into the small print.
One item in the OOTLAR which grabbed our attention is that draft legislation will be published in 2026 to amend the Capital Gains Tax (CGT) Gift Relief rules around disposals of shares and securities. An anomaly has existed for some time, as discussed in our guide to Gift Relief, which potentially restricts relief in the context of companies holding certain assets, such as those within the intangibles regime. It appears that this point may finally be addressed.
We examine several government consultation responses this week, as well as HM Treasury’s new call for evidence on tax support for entrepreneurs. This seeks views on the effectiveness of the current tax incentives for business founders and the scaling up of firms, which will be of interest to many clients, as it discusses reliefs such as Business Asset Disposal Relief (BADR) and the Enterprise Management Incentive (EMI).
For those who have had their fill of the Budget, we have HMRC’s latest Agent Update. This brings a welcome announcement on the Class 2 National Insurance errors reported earlier this year.
More news and updates below, including our Tax Data Card for 2026-27. This outlines the main tax rates and allowances for the upcoming tax year, an essential tool for planning.
The rossmartin.co.uk tax team
Online PRACTICAL tax resources for accountants and tax advisers BY accountants and tax advisers.
Quick News
Agent Update 137: November 2025
HMRC have published their Agent Update for November 2025. We have summarised the key content, including updates on the Class 2 National Insurance SA302 issue, a tax fraud warning about employment agencies, Making Tax Digital and Freeport news.
Consultation response: R&D tax relief advance clearances
The government has published its response to the consultation 'Research and development tax relief clearances'. The consultation highlighted the need for reform of the current advance assurance system.
Independent Loan Charge review government response
The government has published a response to the 2025 Independent Loan Charge Review. With retrospective effect from 5 April 2019, a settlement opportunity will be introduced to encourage those who have not settled their disguised remuneration loan charge with HMRC to date.
Call for evidence: Tax support for entrepreneurs
HM Treasury has published 'Tax Support for Entrepreneurs: Call for Evidence', seeking opinions on potential tax reform to support business founders in the UK.
Non-Discretionary Tax-Advantaged Share Schemes consultation responses
The government has published a response to its call for evidence, 'Non-Discretionary Tax-Advantaged Share Schemes'. Respondents suggested various improvements to the Share Incentive Plan (SIP) and Save As You Earn (SAYE) schemes, which are under consideration.
Response to 'Reform of behavioural penalties' consultation
The government has published a response to its consultation 'Reform of behavioural penalties'. The responses highlighted a need to simplify and modernise the current penalty regime for inaccuracies in returns and the failure to notify chargeability to tax.
One-to-many letters: Tracker
HMRC's latest one-to-many 'nudge' letters target individuals whom HMRC believe may benefit from guidance on legal interpretation, and companies where HMRC believe that the Corporation Tax liability reported is lower than expected.
Editor's Choice
Tax Data Card 2026-27
NEW: A summary of key tax rates and allowances for 2026-27 and 2025-26.
Autumn Budget 2025
The Chancellor, Rachel Reeves, presented her 2025 Autumn Budget to Parliament on Wednesday, 26 November 2025. Our comprehensive Budget coverage can be found here.
CGT: Holdover/Gift Relief (s.165/s.260)
Holdover Relief may be available when an individual makes a gift to another person (individual or company). When is the relief available? What are the conditions that apply? What restrictions are there?
Professional Conduct in Relation to Taxation
The Professional Conduct in Relation to Taxation (PCRT), adopted by the main professional accounting and tax bodies, sets out the professional standards expected of a member when undertaking tax work.
Guides & Updates
Self-employed
Cash or accruals accounting toolkit
Unincorporated businesses can elect to use one of two different methods of accounting for tax: simpler accounting (cash basis) or accruals basis accounting.
Accountancy & tax fees
Is tax relief available on accountancy and tax advisory fees? What costs need to be disallowed?
Partnerships
Mixed members: Partnerships with company members
What is a mixed-member partnership? How are the profits of a mixed-member partnership taxed? What tax adjustments are required? Are there any relieving provisions?
Directors & Companies
Close Investment Holding Companies
What is a Close Investment Holding Company? When does a close company become a Close Investment Holding Company? What are the consequences for tax? How do you avoid becoming a Close Investment Holding Company?
Corporate Interest Restriction (CIR)
The Corporate Interest Restriction (CIR) is designed to restrict profit shifting by large corporates by restricting the amount of deductible interest in an accounting period. Who is affected? What is the restriction? What are the penalties?
Employers
Cycles & cyclists' safety equipment
What is the Cycle to Work scheme? What are the conditions? Is cycle equipment included in these provisions? What tax relief is available? What happens if the cycle is transferred to the employee?
Apprenticeship levy (employers' briefing)
What is the apprenticeship levy? Who pays it? How much is it?
Private Client & Estate Planning
CGT Rollover Relief: Exchanges of joint interests in land
This guide outlines the form of Capital Gains Tax (CGT) Rollover Relief available for exchanges of joint interests in land.
Investors' Relief
What is Investors' Relief? How does it differ from Business Asset Disposal Relief? Which disposals qualify? What are the conditions?
Land & Property
Property profits & losses: Toolkit (2024-25)
Our Property Profits & Losses toolkit takes HMRC's version as its starting point and adds a great deal more information about what you can claim as an individual landlord.
Interest on re-mortgaged buy-to-let property
UPDATE: Can I claim mortgage interest relief if I remortgage? This guide considers whether mortgage interest relief is available when remortgaging an unincorporated rental business.
Overseas & Residence
Transfer of Assets Abroad (ToAA)
What are the ToAA rules? When do they apply? How is the tax charge calculated? Is there any defence against the rules?
Penalties & Compliance
Calendar of tax deadlines and new tax measures
UPDATE: When do common recurring tax deadlines fall? What other tax-significant events are upcoming? What do I need to remember this month?
VAT
Margin scheme
The VAT margin scheme allows businesses to calculate their output VAT liability on the profit margin they make on the goods they sell.
Domestic Reverse Charge VAT: Construction Industry Scheme (CIS)
What is the CIS VAT reverse charge? How do you account for VAT? Can you still cash account for VAT? What administrative changes do I need in order to operate the reverse charge?
Continuing Professional Development (CPD)
Recent and upcoming webinars include:
- Budget Update
- Practice Insight - December 2025 (free)
- Monthly Tax Update - November 2025
- Practice Insight - November 2025 (free)
- Monthly Tax Update - October 2025
- Making Tax Digital for Income Tax - Roadmap to April 2026
Need Tax Support?
Virtual Tax Partner© Support
Have a tax query? Need a second option? Open a ticket and ask a question. A team of tax experts with a wide range of expertise: covering direct and indirect tax, as well as accounting, reorganisations and much more.
Missed the Last Tax Update?
Ross Martin Tax: SME Tax News 27 November 2025
- Autumn Budget 2025: At a glance
- Advisory fuel rates from 1 December 2025
- Capital Allowances: Autumn Budget 2025
- Capital Gains Tax: Autumn Budget 2025
- Companies: Autumn Budget 2025
- Compliance & Administration: Autumn Budget 2025
- Income Tax and National Insurance (for individuals): Autumn Budget 2025
- Employment Taxes: Autumn Budget 2025
- Inheritance Tax: Autumn Budget 2025
- Land & Property: Autumn Budget 2025
- Overseas & Residence: Autumn Budget 2025 ...More
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