The Finance Bill 2025-26 is set to be the longest Finance Act in almost ten years, impacting on almost all areas of tax and posing significant challenges for taxpayers and agents. In this episode, we look at the implications for individuals and businesses, from the reform of inheritance tax to changes to capital allowances.

Links

ICAEW: https://www.icaew.com/technical/tax/tax-faculty/taxguides/2025/taxguide-05-25

ICAEW: https://www.icaew.com/insights/tax-news/2025/dec-2025/government-makes-further-concessions-on-iht-reforms

ICAEW: https://www.icaew.com/insights/tax-news/2025/nov-2025/budget-further-changes-made-to-cgt-iht-and-residence-rules

ICAEW: https://www.icaew.com/insights/tax-news/2025/nov-2025/budget-taxes-on-property-savings-and-dividends-increased

ICAEW: https://www.icaew.com/technical/tax/tax-faculty/taxline/articles/2026/budget-changes-to-capital-allowances

ICAEW: https://www.icaew.com/insights/tax-news/2026/jan-2026/tax-changes-require-new-approach-to-corporate-reconstructions

ICAEW: https://www.icaew.com/insights/tax-news/2026/jan-2026/have-your-say-on-business-rates-reform

ICAEW: https://www.icaew.com/insights/tax-news/2026/jan-2026/scottish-budget-makes-changes-to-income-tax-thresholds

ICAEW: https://www.icaew.com/insights/tax-news/2026/jan-2026/welsh-businesses-to-get-more-support-for-non-domestic-rates

ICAEW: https://www.icaew.com/insights/podcast/the-tax-track/budget-25-do-the-tax-changes-meet-the-tenets

Postscript

ICAEW: https://www.icaew.com/insights/tax-news/2026/jan-2026/additional-business-rates-support-announced-for-pubs

ICAEW: https://www.icaew.com/insights/tax-news/2026/jan-2026/extend-inheritance-tax-payment-deadline-to-12-months-says-lords

Host

Stephen Relf, Technical Manager, Tax, ICAEW

Guests
Richard Jones, Senior Technical Manager, Business Tax, ICAEW
Katherine Ford, Technical Manager, Personal Tax, ICAEW

Producer
Ed Adams

Episode recorded 26 January 2026
Episode published 3 February 2026

In this episode, we rate the Budget against ICAEW’s ten tenets for a better tax system, focusing on the government’s decision to freeze the personal allowance and tax thresholds for an additional three years, the new tax on electric vehicles and changes to the NIC treatment of salary sacrificed pension contributions.

• Budget: Freeze on personal allowance extended - https://www.icaew.com/insights/tax-news/2025/nov-2025/budget-freeze-on-personal-allowance-extended
• Budget: New levies include charge on electric vehicles - https://www.icaew.com/insights/tax-news/2025/nov-2025/budget-new-levies-include-charge-on-electric-vehicles
• Budget: NIC saving on salary sacrifice pension contributions capped - https://www.icaew.com/insights/tax-news/2025/nov-2025/budget-nic-saving-on-salary-sacrifice-pension-contributions-capped
• Budget: Taxes on property, savings and dividends increased - https://www.icaew.com/insights/tax-news/2025/nov-2025/budget-taxes-on-property-savings-and-dividends-increased
• Budget: Changes made to VAT rules and processes - https://www.icaew.com/insights/tax-news/2025/nov-2025/budget-changes-made-to-vat-rules-and-processes
• Budget: Government will not regulate tax advisers - https://www.icaew.com/insights/tax-news/2025/nov-2025/budget-government-will-not-regulate-tax-advisers
• Tax Faculty Budget update 2025 - https://www.icaew.com/technical/tax/tax-faculty/webinars-and-recordings/tax-webinars/2025/28-11-2025-budget-update
• How to fix VAT - https://www.icaew.com/technical/tax/vat/how-to-fix-vat

Host
Stephen Relf, Technical Manager, Tax, ICAEW

Guests
Lindsey Wicks, Senior Technical Manager, Tax Policy, ICAEW
Ed Saltmarsh, Technical Manager, Tax, ICAEW

Producer
Ed Adams

Episode published 1 December 2025

Episode recorded 28 November 2025

From April 2026, an estimated 864,000 sole traders and landlords will need to comply with Making Tax Digital (MTD) for income tax. In this episode, we look at recent developments, including HMRC’s plans to contact taxpayers, and we draw on the experience of special guest Rebecca Benneyworth to explain what you can do to prepare for the challenges ahead.

• Making Tax Digital - https://www.icaew.com/technical/tax/making-tax-digital
• TAXguide 01/25: MTD income tax - https://www.icaew.com/technical/tax/tax-faculty/taxguides/2025/taxguide-01-25
• Digitally excluded can now apply for MTD exemption - https://www.icaew.com/insights/tax-news/2025/sep-2025/digitally-excluded-can-now-apply-for-mtd-exemption
• How to avoid errors when signing up clients to MTD income tax - https://www.icaew.com/insights/tax-news/2025/oct-2025/how-to-avoid-errors-when-signing-up-clients-to-mtd-income-tax
• HMRC offers agents support with MTD for income tax - https://www.icaew.com/insights/tax-news/2025/aug-2025/hmrc-offers-agents-support-with-mtd-for-income-tax
• Up to 3 million individuals may need to comply with MTD - https://www.icaew.com/insights/tax-news/2025/aug-2025/up-to-3-million-individuals-may-need-to-comply-with-mtd
• How to keep HMRC agent account details safe - https://www.icaew.com/insights/tax-news/2025/sep-2025/how-to-keep-hmrc-agent-account-details-safe
• How to complete your tax return - https://www.icaew.com/technical/tax/personal-tax/how-to-complete-your-tax-return

Host

Stephen Relf, Technical Manager, Tax, ICAEW

Guests

Lindsey Wicks, Senior Technical Manager, Tax Policy, ICAEW

Rebecca Benneyworth, sole practitioner and a board member of ICAEW’s Tax Faculty

Producer
Ed Adams

Episode published 31 October 2025
Episode recorded 24 October 2025

In this episode of The Tax Track, we look ahead to the 2024/25 tax return season, highlighting areas to watch out for, and explain our concerns with draft legislation for Finance Bill 2025/26 that promises to make significant changes to the tax system, particularly for agents.

Links

• ICAEW has major concerns about draft Finance Bill legislation - https://www.icaew.com/insights/tax-news/2025/sep-2025/icaew-has-major-concerns-about-draft-finance-bill-legislation
• Government’s plans for agents may harm the tax system - https://www.icaew.com/insights/tax-news/2025/sep-2025/governments-plans-for-agents-may-harm-the-tax-system
• Taxpayers encouraged to ensure returns are correct and complete - https://www.icaew.com/insights/tax-news/2025/sep-2025/taxpayers-encouraged-to-ensure-returns-are-correct-and-complete
• In-year CGT rate changes cause tax return errors - https://www.icaew.com/insights/tax-news/2025/aug-2025/in-year-cgt-rate-changes-cause-tax-return-errors
• HMRC targets personal expenditure - https://www.icaew.com/insights/tax-news/2025/aug-2025/hmrc-targets-personal-expenditure
• Get ahead with 2024/25 tax returns - https://www.icaew.com/technical/tax/tax-faculty/taxline/articles/2025/get-ahead-with-2024-25-tax-returns

Host

Stephen Relf, Technical Manager, Tax, ICAEW

Guests

Lindsey Wicks, Senior Technical Manager, Tax Policy, ICAEW

Katherine Ford, Tax Manager, ICAEW

Producer

Ed Adams

Episode recorded: 23 September 2025

Episode published: 1 October 2025

Whether it’s performance or policy, there’s rarely an episode of The Tax Track that doesn’t mention HMRC. In this special episode we talk to one of the senior leaders at HMRC, Jonathan Athow, Director General for Customer Strategy and Tax Design.

The government’s stated priorities for HMRC are to modernise and reform the tax system, improve customer service and close the tax gap; Athow explains how HMRC intends to deliver on those priorities, and crucially, what this means for ICAEW members.

Links

Tax software article (Sept Taxline)

• HMRC promises new digital solutions for taxpayers and agents | ICAEW
  https://www.icaew.com/insights/tax-news/2025/jul-2025/hmrc-promises-new-digital-solutions-for-taxpayers-and-agents
• Up to 3 million individuals may need to comply with MTD | ICAEW
  https://www.icaew.com/insights/tax-news/2025/aug-2025/up-to-3-million-individuals-may-need-to-comply-with-mtd
• Have your say on draft Finance Bill legislation | ICAEW
  https://www.icaew.com/insights/tax-news/2025/jul-2025/have-your-say-on-draft-finance-bill-legislation
• HMRC is taking longer to respond to post | ICAEW
  https://www.icaew.com/insights/tax-news/2025/aug-2025/hmrc-is-taking-longer-to-respond-to-post

Host

Stephen Relf, Technical Manager, Tax, ICAEW

Guest

Jonathan Athow, Director General, Customer Strategy and Tax Design, HMRC

Producer

Natalie Chisholm

Episode recorded 21 August 2025

Episode published 3 September 2025

July was a busy month for HMRC as it published its annual accounts and report for 2024/25, along with its transformation roadmap and draft legislation for Finance Bill 2025/26.

In this episode of The Tax Track we look at the challenges HMRC faces, from improving its services to taxpayers and agents to closing the tax gap; its plans for new and improved digital services; and the possible implications of the proposed changes for agents in particular as MTD and agent registration begin to take effect.

Links

• HMRC continues to miss performance targets https://www.icaew.com/insights/tax-news/2025/jul-2025/hmrc-continues-to-miss-performance-targets
• Tax gap falls slightly as a percentage of tax liabilities https://www.icaew.com/insights/tax-news/2025/jun-2025/tax-gap-falls-slightly-as-a-percentage-of-tax-liabilities
• HMRC promises new digital solutions for taxpayers and agents https://www.icaew.com/insights/tax-news/2025/jul-2025/hmrc-promises-new-digital-solutions-for-taxpayers-and-agents
• Have your say on draft Finance Bill legislation https://www.icaew.com/insights/tax-news/2025/jul-2025/have-your-say-on-draft-finance-bill-legislation
• ICAEW reiterates concerns about MTD threshold reduction
  https://www.icaew.com/insights/tax-news/2025/jul-2025/icaew-reiterates-concerns-about-mtd-threshold-reduction

Panellists

• Stephen Relf, Technical Manager, Tax, ICAEW
• Frank Haskew, Head of Taxation Strategy, ICAEW
• Lindsey Wicks, Senior Technical Manager, Tax Policy, ICAEW

Producer: Ed Adams

Episode recorded 24 July 2025

Episode published 1 August 2025

Simple assessment and real-time reporting for capital gains tax (CGT) are two ways for HMRC and taxpayers to sidestep self assessment for income and gains.

HMRC sent out a record number of simple assessments for 2023/24. We explain what they are and explore some of the problem areas. We also explain how the often overlooked real-time reporting for CGT works and look at current issues with CGT reporting more generally.

Links

• TAXguide 09/18: simple assessment - https://www.icaew.com/technical/tax/tax-faculty/taxguides/2018/taxguide-0918-simple-assessment
• Simple Assessment guide for pensioners - https://www.gov.uk/government/publications/pensioners-and-tax-communications-materials/simple-assessment-guide-for-pensioners
• Agent Update: issue 131 - https://www.gov.uk/government/publications/agent-update-issue-131/issue-131-of-agent-update#simple
• Consider using the real-time CGT service to report gains - https://www.icaew.com/insights/tax-news/2024/apr-2024/consider-using-the-real-time-cgt-service-to-report-gains
• TAXguide 15/20: Capital gains tax UK property disposal reporting - https://www.icaew.com/technical/tax/tax-faculty/taxguides/2020/taxguide-1520-capital-gains-tax-uk-property-disposal-reporting

Panellists

• Stephen Relf, Technical Manager, Tax, ICAEW
• Caroline Miskin, Senior Technical Manager, Digital Tax, ICAEW
• Katherine Ford, Technical Manager, Personal Taxes, ICAEW

Producer

Ed Adams

Episode first published: 2 July 2025
Podcast recorded: 24 June 2025

On 6 April 2025, the longstanding rules for UK-resident, non-UK domiciled individuals – non-doms – were abolished and replaced with a new regime for foreign income and gains (FIG) that is based on residence.

The abolition of domicile as a concept is one of the biggest changes in taxation for many years. In this episode of The Tax Track, we’ll get behind the headlines and consider the pros and cons of the new rules.

Links

• Economy explainers: what is the non-dom regime? (valid up to 5/4/25) https://www.icaew.com/insights/tax-news/2024/sep-2024/non-dom-regime-explained
• Residence and FIG Regime Manual https://www.gov.uk/hmrc-internal-manuals/residence-and-fig-regime-manual

Panellists

• Stephen Relf, Technical Manager, Tax, ICAEW
• Katherine Ford, Technical Manager, Tax, ICAEW
• Adelle Greenwood, Technical Manager, Tax, ICAEW

Producer

Ed Adams

Episode first published: 30 May 2025

Podcast recorded: 19 May 2025