The Chartered Institute of Taxation (CIOT) has urged the government to implement a transitional rule to allow older farmers and other business owners to gift assets to the younger generation free of Inheritance Tax (IHT) before changes take effect in April 2026. Current rules incentivise farmers to keep their farms until their deaths, the CIOT
The British Chambers of Commerce (BCC) has called for Chancellor Rachel Reeves to use the Autumn Budget to combat ‘persistent’ hiring problems. According to the BCC’s latest Quarterly Recruitment Outlook, 54% of businesses have attempted to hire employees in the last three months. However, most firms continue to face recruitment challenges, with 75% of employers
Chancellor Rachel Reeves recently announced a ‘blitz on business bureaucracy’, with cuts to red tape that the government says will save firms £6 billion. Ms Reeves says the government will be ‘scrapping pointless paperwork’ and speeding up planning to deliver on the Prime Minister’s 25% admin reduction target – a central commitment in the Modern
The Treasury should make it easier for state pensioners to pay any tax they owe with a Pay as You Earn (PAYE) scheme, says the Low Incomes Tax Reform Group (LITRG). The LITRG told the Treasury that there is a ‘pressing need’ to change the way the payments are taxed to make the process easier
Over 750,000 18-to-23-year-olds have yet to claim their matured Child Trust Funds, according to HMRC. The tax authority says that the accounts are worth £2,242 each on average. Child Trust Funds are long term, tax-free savings accounts which were set up for children born between 1 September 2002 and 2 January 2011 with an initial
There is now less than a year until the UK Government introduces Vaping Products Duty (VPD) and vaping duty stamps (VDS) on 1 October 2026. VPD, a new excise duty, will apply to all vaping liquids (or e-liquids) sold or supplied in the UK, at a flat rate of £2.20 per 10ml and VDS must
The Autumn Budget must sharpen the UK’s competitive edge to stay ahead of the pack in an increasingly dog eat dog world, says the British Chambers of Commerce (BCC). The BCC is calling for immediate action to cut the costs deterring investment, simplify regulations to unleash business and update its strategic offer. The business group
The UK must tackle its status as the sick man of the G7 if it wants to grow the economy, warns the British Chambers of Commerce (BCC). Businesses want to see a major shake-up of the UK’s approach to ill-health which is excluding people from work and hobbling the economy, says the BCC. It says
HMRC has resumed its programme allowing direct recovery of money from debtors’ bank accounts. The Direct Recovery of Debts (DRD) policy, which was paused during the Covid-19 pandemic, has restarted in a ‘test and learn’ phase’, the tax authority has confirmed. DRD targets individuals and businesses who can afford to pay their debts but deliberately
HMRC has opened up a service for landlords and self-employed to apply for exemption from Making Tax Digital (MTD) for Income Tax phase one. From next April, people who are self-employed and landlords, and declare more than £50,000 of gross income in their 2024/25 self assessment tax return, will be legally required to follow the