The Government has published a response to its call for evidence 'Personal Tax: Offshore Anti-Avoidance legislation'. It was clear from the responses that further consultation will be needed.
SME Tax News
The Government has published a response to its consultation 'Reforms to Inheritance Tax agricultural property relief and business property relief: application in relation to trusts'. A £1m cap on 100% Agricultural Property Relief (APR) and Business Property Relief (BPR) will be introduced from 6 April 2026, with few changes from the original announcements.
The Government has published a response to its consultation 'Inheritance Tax on pensions: liability, reporting and payment'. From 6 April 2027, unused pension funds will form part of an individual's estate for Inheritance Tax (IHT) purposes, with the Personal Representatives (PRs) becoming liable for the reporting and payment of IHT.
HMRC have published their Agent Update for July 2025. We have summarised the key content with links to our detailed guidance on the topics covered, including an update on recent Class 2 National Insurance computation issues.
HMRC have published their list of tax avoidance litigation decisions for 2024-25. This identifies the results of litigation where HMRC considered that tax avoidance was involved. The summary indicates an almost identical amount of litigation in 2024-25 as in 2023-24, with a stable win rate for HMRC.
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In 2022, the ‘Digitisation Taskforce’ was launched to drive forward the modernisation of the UK’s shareholding framework. It has now published its final report, in which it recommends a staged approach to removing paper share certificates and ultimately moving to a fully intermediated system of shareholding in the UK.
The Public Accounts Committee (PAC) has published 'Collecting the right tax from wealthy individuals', revealing that HMRC cannot identify how much tax is paid by UK billionaires. The PAC was also sceptical of HMRC's estimate that the wealthy tax gap was only £1.9 billion.
The Digitisation Taskforce has published its final report recommending a staged approach to removing paper share certificates for publicly traded companies and eventually moving to a fully intermediated system of shareholding in the UK. The government has accepted the recommendations.
In Daine Stoney v HMRC [2025] TC09572, the First Tier Tribunal (FTT) allowed an application for a late appeal against HMRC assessments and closure notices.
In Sayrun Lamuth v HMRC [2025] TC09578, the First Tier Tribunal (FTT) found that a taxpayer who did not understand the reporting requirements for her share of rental income had a reasonable excuse for the late payment of tax.
