Tax Compliance

Tax Note: Power to Permit Regulations for 2024-2025 Tax Year

HM Revenue & Customs has updated the power to permit regulations for the 2024-2025 tax year. This measure allows new regulations made under the Finance Act 2024 to take effect retroactively and extends the expiration of the power to June 30, 2026. Regulations made will be subject to affirmative parliamentary procedure.

IRS Proposed Rule: Electronic Furnishing of Digital Asset Sales Statements

The Internal Revenue Service has issued a proposed rule regarding the electronic furnishing of payee statements for digital asset sales by brokers. This proposal outlines new requirements for brokers to provide tax statements electronically to customers regarding their digital asset transactions.

Fuel Duty Cut Extended to August 2026

HM Revenue & Customs has extended the temporary cut in fuel duty rates until the end of August 2026. Fuel duty rates will gradually return to March 2022 levels through phased increases starting September 1, 2026.

Advance Corporation Tax Reform

HM Revenue & Customs is reforming the Advance Corporation Tax (ACT) regime, repealing shadow ACT rules. This change allows unrelieved surplus ACT balances to be offset against Corporation Tax liabilities without restrictions, effective from April 1, 2026.

New £2.5 million allowance for property tax relief

New £2.5 million allowance for property tax relief

Technical Amendments to Residence-Based Tax Regime

HM Revenue & Customs has published technical amendments to the residence-based tax regime introduced in the Finance Act 2025. These amendments aim to ensure the regime operates as originally intended without altering the underlying policy. The changes affect Income Tax, Capital Gains Tax, and Inheritance Tax.

Minor Changes to Employer Provided Benefits Policy

HM Revenue & Customs has published minor changes to employer-provided benefits policy and administration. This notice confirms updates related to measure numbers B25-11-062 and B25-11-063.

Proposed IRS Rules for Section 45Z Clean Fuel Production Credit

The Internal Revenue Service has issued proposed rules regarding the Section 45Z Clean Fuel Production Credit. The public comment period for these proposed regulations ends on April 6, 2026.

IRS Final Rule Correction: Excise Tax on Corporate Stock Repurchases

The Internal Revenue Service (IRS) has issued a correction to its final rule regarding the excise tax on corporate stock repurchases. This correction clarifies specific aspects of the rule, ensuring accurate application of the tax. The effective date for these corrections is February 11, 2026.

IRS Proposed Rule: Update Regulation References Due to Reorganizations

The IRS and the Alcohol and Tobacco Tax and Trade Bureau have issued a proposed rule to update IRS regulation references to reflect recent reorganizations within the Department of Justice and the IRS. This document serves as a correction to a previously published version.