On 3 March the UK Chancellor – Rachel Reeves – delivered the Spring Forecast 2026. The economic outlook reflects global uncertainty, including conflicts in Iran and the Middle East and potential energy price shocks. The government is prioritising stability, support for families, and national security, with defence spending at its highest level since the Cold War.
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Making Tax Digital for Income Tax (MTD ITSA) is coming!
This major UK tax reform requires self-employed individuals and landlords to:
Keep digital records; Submit quarterly updates to HMRC; Make a final annual declaration.
Mandatory dates start from April 2026, with penalties for late filing or payments.
Now’s the time to prepare and choose MTD-compatible software and we are happy to assist with this!
Continue readingMajor upcoming tax reforms include a new mansion tax on £2m+ properties, higher tax rates on property, savings and dividend income, a £2k cap on NIC relief for pension salary sacrifice, tighter rules on image rights, reduced CGT relief for EOTs, and an IHT cap for historic non-dom trusts.
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Pre-Budget Leaks: Key Proposals Ahead of the 2025 UK Budget
Ahead of Chancellor Rachel Reeves’ 2025 UK Budget, several leaked proposals are gaining traction:
Mansion Tax: A new levy on properties over £2 million, starting at £4,000 annually.
Property Revaluation: A revaluation of homes in council tax bands F, G, and H, the first since 1991.
National Insurance on Landlords: Proposals to require more landlords to pay NI contributions.
Income Tax: No rate increases, but a potential freeze on tax thresholds beyond 2028.
Pensions: A £2,000 cap on salary-sacrifice pension contributions, triggering NI liabilities above this threshold.
EV Tax: A 3p per mile tax on electric vehicles to offset lost fuel duty.
ISA: Reduction of the tax-free cash ISA limit from £20,000 to £12,000.
From October 2025, most EU, EEA and Swiss citizens will need an Electronic Travel Authorisation (ETA) to visit the UK. Whether you’re planning a short holiday or a business trip, make sure you understand the new entry requirements before you travel.
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The OECD has introduced a new framework to promote the automatic exchange of information on real estate ownership between tax authorities, particularly regarding foreign-owned properties to enhance tax transparency.
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The Italian Government has proposed raising the flat tax on foreign-sourced income for new residents from €200,000 to €300,000 under the draft 2026 Budget Law. The change, part of the 2026–2028 budget plan, would apply from 2026, while individuals who became tax residents before 1 January 2026 would remain under the existing regime.
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Since 2010, HMRC’s Connect system has used big data and AI to identify undeclared income by analysing information from banks, online platforms, and social media. Now widely used across the department, it helped uncover 540,000 cases last year, recovering £4.6 billion in additional tax. As HMRC ramps up its digital capabilities, even small discrepancies are more likely to come under scrutiny.
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From 18 November 2025, the UK Government is requiring identity verification for Directors (and equivalents), People with Significant Control (PSCs), anyone filing on behalf of a UK company
To stay compliant, all relevant individuals must verify their identity with Companies House and Vera Group can assist you with this.
UK assets have always been subject to Inheritance Tax but non-UK assets held in non-UK trusts settled by UK non-domiciled residents have been excluded so far.
The Autumn Budget 2024 delivered on the 30th October has removed IHT protection for non-UK trusts from 6 April 2025, but some transitional rules has been introduced which soften its impact.
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