Tax Compliance

VAT Import One Stop Shop Scheme Screening Equality Impact Assessment

HM Revenue and Customs published a Screening Equality Impact Assessment for the VAT Import One Stop Shop scheme for intermediaries on 12 March 2026. The document confirms HMRC screens all policy changes for equality impacts on groups sharing protected characteristics and identifies appropriate mitigations as required. This assessment aligns with commitments under the Equality Act 2010 and the Public Sector Equality Duty (section 149), as well as Northern Ireland Equality Scheme commitments.

Modernising and Standardising Company Tax Returns

HMRC has opened a consultation inviting feedback on two related changes to Corporation Tax compliance. First, the government proposes to prescribe standardised formats, content, and data tagging requirements for Corporation Tax computations to improve data quality and consistency. Second, HMRC plans to make online filing of amendments to company tax returns mandatory, with the consultation seeking views on implementation timelines and potential exemptions. The consultation closes at 11:59pm on 2 June 2026, with responses accepted via the online form or by post.

Lifetime Allowance Abolition — Amendment of Power to Make Further Regulations

HMRC has published a policy paper amending paragraph 134 of Schedule 9 to the Finance Act 2024, extending the enabling power for Lifetime Allowance regulations to have effect from the 2024-2025 tax year and extending the power's expiration to 30 June 2026. Regulations made under this power remain subject to the affirmative parliamentary procedure. The existing power in paragraph 133 regarding transitional issues continues under its original conditions.

Finance Bill 2025-26 Report Stage Explanatory Notes

HMRC published explanatory notes and a Tax Information and Impact Note for government amendments tabled at the Report Stage of Finance Bill 2025-26 on 9 March 2026. The amendments cover 12 distinct policy areas including abolition of the Lifetime Allowance for pensions, tax treatment of pension interests, withholding obligations on pension scheme administrators, inheritance tax amendments, income tax rule changes, non-resident and non-domiciled individual rules, agricultural and business property relief, and new clauses on offshore income gains. The Bill remains in the legislative process and has not received Royal Assent at the time of publication.

Child Trust Funds cETN Ban from April 2026

HMRC has published a policy paper confirming that cryptoasset exchange traded notes (cETNs) cannot be held in a Child Trust Fund with effect from 6 April 2026. The Child Trust Funds (Amendment) Regulations 2026 introduce this prohibition. cETNs held in a Child Trust Fund prior to 6 April 2026 can remain within the account under the grandfathering provision.

ISA Regulations Amended for Long Term Asset Funds and cETNs

The Individual Savings Account (Amendment) Regulation 2026 introduces changes to permit ISA investments in Long Term Asset Funds and cryptoasset exchange traded notes. Individuals may now invest in Long Term Asset Funds through stocks and shares ISAs or Junior ISAs. cETN investment is permitted in a manner that extends investor choice while managing risk, reflecting the evolving digital finance landscape. cETNs held in a Junior ISA prior to 6 April 2026 are grandfathered and may remain within the account.

IRS Proposes Alternative Consent Rules for Electronic 1099-DA Statements by Digital Asset Brokers

The IRS has published proposed regulations (REG-105064-25, RIN 1545-BR47) providing digital asset brokers with an alternative process for obtaining customer consent to receive Form 1099-DA statements electronically without being required to offer paper delivery. Under the proposed rules, brokers may terminate business relationships with customers who refuse electronic consent, unlike current rules requiring paper statements for non-consenting customers. The proposed rules also eliminate the requirement to allow customers to withdraw previously provided consent. Comments are due by May 5, 2026.

Minor Changes to Employer Provided Benefits Policy and Administration

HMRC has confirmed minor changes to employer provided benefits policy and administration, as set out in measure numbers B25-11-062 and B25-11-063. The policy paper, published on 3 March 2026, finalises these adjustments to how employer-provided benefits are treated for tax and administrative purposes. UK employers providing benefits to employees should review the linked detailed guidance to understand the confirmed policy changes.

Advance Corporation Tax Reform Repeals Shadow ACT Rules

HM Revenue & Customs has published a policy paper confirming the repeal of shadow Advance Corporation Tax (ACT) rules, effective 1 April 2026. Under the reformed regime, companies with unrelieved surplus ACT balances will be permitted to offset those balances against Corporation Tax liabilities without the restrictions previously imposed. This measure simplifies the ACT framework and provides greater flexibility for corporate tax planning.