Tax tips newsletter for professionals

Finance Act 2026 contained a number of provisions with a stated purpose to tackle non-compliance in the tax advice industry. Perhaps the most widely publicised of these provisions was the mandatory registration regime for tax advisers. However, of potentially greater consequence is FA 2026, Sch 22, which contains a package of draconian amendments to the penalty regime in FA 2012, Sch 38.

Alex Spencer considers the amendments to Finance Act 2012, Schedule 38 contained in Finance Act 2026 and their (very serious) consequences for tax advisers.

Perhaps surprisingly, where an asset is destroyed or damaged, a chargeable disposal occurs for capital gains tax purposes. 

Capital sums derived from an asset are treated as a deemed disposal of that asset (TCGA 1992, s 22). This includes capital sums received as compensation for damage to an asset, or for the loss or destruction of an asset.

Malcolm Finney looks at two unusual areas of the capital gains tax legislation. 

For higher and additional rate taxpayers, receiving distributions from a company as capital rather than income will generally result in a lower tax liability. 

Joe Brough explains the circumstances in which HMRC can counteract transactions which fall foul of the transactions in securities legislation and the tax implications for the individuals concerned.

When a business claims VAT bad debt relief, it must fulfil certain record-keeping criteria. 
What are they, and how long does a business have to keep them?

Andrew Needham looks at what records a business needs to keep when claiming bad debt relief.

Mark McLaughlin reviews two recent important tax cases:

There are many types of equity release, the main ones being lifetime mortgages and home reversion plans, which release cash lump sums. Both of these are regulated by the Financial Conduct Authority (FCA) and the Equity Release Council. 

Jon Golding evaluates the use of equity release to reduce the IHT charge on death.

Employers who provided employees with taxable expenses and benefits in the 2025/26 tax year need to comply with various reporting requirements. The exact nature of those requirements will depend on whether the employer payrolled the benefit.

Sarah Bradford outlines how employers should report taxable benefits and expenses provided to employees in the 2025/26 tax year.