Monthly Tax Update - September 2025

Objectives

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

Key topics

TAX LEGISLATION TIMETABLE

INHERITANCE – ZOOMING IN ON LIFETIME GIFTING

• Lifetime gifting – refresher
• Potentially Exempt Transfers (PETs)
• Taper relief
• Annual exemptions
• Spouses and civil partners: exemption
• Charitable exempt gifts
• Normal Expenditure Out of Income
• What is income?
• What is normal?
• Standard of living
• Expenses payable out of income
• Planning points
• Claiming the exemption
• Chargeable Lifetime Transfers (CLTs)

UMBRELLA COMPANIES / EMPLOYMENT INTERMEDIARIES

• Spotlight 71 warns agency workers about umbrella companies
• Employment contract
• Salary payments
• Payslip information
• Schemes and promoters known for tax avoidance
• Tackling tax non-compliance in the umbrella company market – Legislation Day Update

RESEARCH AND DEVELOPMENT TAX RELIEFS – A NEW WORLD

• Key features of the schemes from April 2024
• Impact on Quarterly Instalment Payments
• Additional information requirements
• New R&D disclosure service
• Intra-group transfers and the going concern rules
• What’s next?
• Professional Conduct in Relation to Taxation (PCRT)
• Consultation: R&D reliefs advance clearances

BUSINESS TAX CASE REVIEW

• Sideways loss relief
• Quay wall eligible for Capital Allowances

CAPITAL GAINS TAX ROUND-UP

• CGT rates and annual exemption
• CGT errors in 2024/25
• Business Asset Disposal Relief
• A disposal of shares or securities in a company
• Condition A
• Condition B
• A 'trading company'
• A 'trading group'
• Entrepreneurs' Relief denied due to substantial non-trading

HMRC UPDATES

• Update on Winter Fuel Payment (WFP) recovery
• Opting out of the WFP

Who should attend

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