UK and International Tax news
HMRC Publishes Draft Legislation For Finance Bill 2025-26
Tuesday 29th July 2025
HMRC has issued draft legislation for technical consultation before the Finance Bill 2025-26 is introduced in Parliament.
Draft legislation and supporting documents were published on 21 July 2025 for the Finance Bill 2025-26.
The Government is consulting in particular on the draft clauses relating to income tax, corporation tax, inheritance tax, customs duties and anti avoidance measures. The consultation will close on 15 September 2025.
The draft legislation covers in particular the following:
- Tax implications relating to PISCES
- Reform of the tax treatment of carried interest
- Clarification of the scope of the overseas restriction for R&D purposes
- Reform of IHT and unused pension funds and death benefits
- Reforms to agricultural property and business property reliefs
- Proposals to close in on promoters of marketed tax avoidance
- Enhancing HMRC powers and tackling facilitated non compliance
- Tacking non compliance in the umbrella company market
- Multinational top up tax and domestic top up tax amendments
- Better use of third party data by HMRC
- MTD for Income Tax and penalty reform
- Modernising and mandating tax adviser registration with HMRC
If you would like more information of any of the above, please contact Keith Rushen on 0207 486 2378.
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