Monthly Tax Update - June 2025

Objectives

To update delegates on recent and proposed changes in taxation that are relevant to their clients.

Key topics

MTD FOR INCOME TAX

• How to report income from jointly held property
• New ICAEW guidance: MTD for Income Tax and Professional Standards
• Draft MTD for Income Tax engagement letter schedule published by ICAEW

HMRC AGENT AND EMPLOYER UPDATES

• Agent Update 132 – 24 June 2025
• Employer Update – 18 June 2025

COMPANY / DIRECTOR LOAN WRITE OFFS

• Write off or release of an overdrawn director’s loan
• What if the loan write off is between connected companies?

INHERITANCE TAX

• Agricultural and Business property relief
• Unused pension funds and death benefits
• Consultation on APR and BPR reforms for trusts
• No BPR for FHL business
• Home loan scheme was effective for IHT
• IHT chargeable on gifts made with reservation
• Normal Expenditure Out of Income (Gifts)

Who should attend

Accountants in general practice who advise on tax planning and compliance.