Month: July 2026

HMRC has published accredited official statistics on the distribution of income and Income Tax liability across different percentile groups, with data spanning from tax year 1999-2000 through 2026-27. The dataset shows shares of total income before and after tax, along with corresponding tax liability for each percentile group. This statistical release provides insight into how Income Tax burden is distributed across the income distribution over more than two decades.

Source: HMRC (GOV.UK) – Read the original

The Customs Tariff (Suspension of Import Duty Rates) (Amendment) Regulations 2026 updates the reference document used to determine which goods qualify for suspended import duties under UK trade policy. The amendment incorporates new tariff suspensions approved through the 2025 to 2026 application window for businesses seeking duty relief, alongside technical corrections and clarifications to the existing regulations framework.

Source: legislation.gov.uk – Read the original

New regulations establish the commencement dates for mandatory tax adviser registration under Chapter 1 of Part 7 of the Finance Act 2026. Tax advisers who hold an Agent Services Account before 18 August 2026 will be automatically treated as registered from that date under transitional arrangements. The regulations apply to all tax advisers falling within the scope of the new registration regime.

Source: legislation.gov.uk – Read the original

The UK has introduced detailed regulations governing the calculation and operation of the Carbon Border Adjustment Mechanism (CBAM), a new tax established through the Finance Act 2026. These regulations set out how the CBAM rate will be calculated and determine the eligibility criteria for carbon price relief claims. The regulations implement Part 5 of the Finance Act 2026, establishing the practical framework for this environmental tax on imported goods.

Source: legislation.gov.uk – Read the original

The Digital Communications and Contact Details Regulations 2026 sets out rules governing how HMRC uses electronic communications and requires users of HMRC online services to provide digital contact details. The regulations establish a framework for digital interaction between HMRC and persons utilising its online platforms. This applies to anyone engaging with HMRC through its digital services.

Source: legislation.gov.uk – Read the original

The Carbon Border Adjustment Mechanism (Administrative Provisions) Regulations 2026 establish administrative rules for a new carbon tax created under Part 5 of the Finance Act 2026. CBAM applies to certain imported goods and will require businesses to report and manage carbon costs at the border. The regulations set out the procedural requirements and compliance obligations for traders importing affected products into the UK.

Source: legislation.gov.uk – Read the original

HMRC has published guidance that outlines the various venture capital schemes available to investors and the mechanisms through which they operate. The manual defines each scheme type and explains the regulatory framework governing how they function. This resource clarifies the rules and eligibility criteria for businesses and investors participating in venture capital investment programmes. The guidance serves as a reference for understanding the different venture capital scheme options and their operational requirements.

Source: HMRC (GOV.UK) – Read the original

HMRC has released guidance containing a list of offshore funds that have successfully applied for and received approval as reporting funds. This list allows investors and fund managers to identify which offshore funds meet the reporting fund requirements. The approval status determines how offshore fund distributions are taxed for UK investors.

Source: HMRC (GOV.UK) – Read the original

HMRC has made available form VAT68, which allows businesses to request the transfer of an existing VAT registration number when company ownership changes hands. Completing this form enables a new owner to maintain the continuity of the VAT registration rather than applying for a new number. This process streamlines the administrative requirements for businesses undergoing ownership transitions.

Source: HMRC (GOV.UK) – Read the original

HMRC has conducted an equality impact assessment on proposals to automatically populate Self Assessment tax returns with Child Benefit information for high-income earners subject to the Child Benefit charge. The prepopulation measure aims to simplify the tax return process by reducing manual data entry for affected taxpayers. This screening assessment examines the potential equality implications of the change across protected characteristics.

Source: HMRC (GOV.UK) – Read the original