This Practice Note draws together content on the fiscal events throughout the tax year 2025–26, starting with the Spring Statement 2025 on 26 March 2025. For more information on the Budget and Finance Bill processes, as well as the fiscal timetable more generally, see Practice Note: The Budget and Finance Bill process. Spring Statement 2025 On 26 March 2025, the Chancellor of the Exchequer, Rachel Reeves, presented the Spring Statement 2025 to Parliament. The government announced consultations and policy papers on substantive and administrative tax measures and other future developments. For more information on the announcements, see News Analyses: • Video analysis—Spring Statement 2025: Private Client perspective • Spring Statement 2025—Tax analysis Tax update spring 2025: simplification, administration and reform On 28 April 2025, the Exchequer Secretary to the Treasury, James Murray, issued a written ministerial statement announcing a package of measures aimed at simplifying and reforming the tax system and improving tax administration. HMRC and HM Treasury published a complementary suite of documents comprising

Awards Time limits for rendering awards and forms of awards The formal requirements for awards are set out in Article 37 of the 2026 Rules. Pursuant to Article 37.1, all awards shall be in writing and, unless otherwise agreed, must state reasons. Awards must be dated and signed, and are deemed made at the place of arbitration (Article 37.3). Electronic signatures are permitted with party agreement (Article 37.4), and counterparts may be used unless the parties agree otherwise (Article 37.5). Each award is final and binding, and the parties undertake to comply without delay (Article 37.6). In practice, tribunals often issue separate awards on discrete issues where this supports procedural efficiency, which is expressly contemplated by Article 37.2. Time limits are governed principally by Article 39. Article 39.1 requires the tribunal, as soon as possible after the last hearing or receipt of final submissions, to inform the Secretariat and the parties of the date on which it

Request for arbitration A party may initiate an arbitration under the 2026 Rules by submitting its Request for Arbitration and supporting documents to the KCAB Secretariat (Article 8.1). The Request for Arbitration serves as the foundational document of the proceedings and must be drafted to include comprehensive details regarding the parties, such as their full contact information, place of incorporation for businesses, or the nationality and residence for individuals (Article 8.2(a), (b)). Furthermore, the Claimant is required to clearly articulate the nature and circumstances of the dispute, the specific relief being sought, and an estimate of the amounts claimed to ensure that the Secretariat can properly assess the scale of the matter (Article 8.2(c), (d)). Beyond the merits of the case, the Request for Arbitration must also address the procedural aspects of the arbitration. The Claimant must specify any existing written agreements or provide its own proposals regarding the place and language of the arbitration,

Evidence and document production The 2026 Rules largely preserve the evidentiary framework of the 2016 Rules. Under Article 27, the tribunal retains the authority to order the production of documents, exhibits or other evidence, and to order that property, sites or objects under a party’s control be made available for inspection (Article 27.1). Each party continues to bear the burden of proving the facts on which it relies (Article 27.2), and the tribunal retains the authority to determine the admissibility, relevance, materiality, and weight of evidence (Article 27.3). Notably, the requirement under the 2016 Rules for parties to submit a summary of intended evidence has been deleted in the 2026 Rules. Similar provisions were once found in earlier versions of other institutional rules, such as the 2008 ICDR International Arbitration Rules, but have likewise been deleted. This change aligns with international practice in favor of a more streamlined approach to evidence, reducing procedural

Expedited procedure Scope and applicability of the expedited procedure The Expedited Procedure under Chapter 6 of the 2026 Rules applies (i) where the amount in dispute does not exceed KRW 500,000,000 for arbitration agreements concluded before 1 January 2026; (ii) where the amount in dispute exceeds KRW 500,000,000 but does not exceed KRW 4,000,000,000 for arbitration agreements concluded on or after 1 January 2026; or (iii) where the parties agree to be subject to it (Article 45.1). The increase of the monetary threshold to KRW 4,000,000,000 represents a significant expansion over the 2016 Rules, which limited the Expedited Procedure to claims not exceeding KRW 500,000,000. The practical impact of this change is that the Expedited Procedure will apply to more disputes. Determination of applicability and institutional mechanism The 2026 Rules also introduce a structured mechanism for determining whether the Expedited Procedure applies. As an initial matter, the Expedited Procedure does not apply where

KCAB International The Korean Commercial Arbitration Board (‘KCAB’), established in 1966, is the sole arbitral institution that is statutorily authorised to administer commercial arbitration under the Korean Arbitration Act (the Arbitration Act). KCAB International, established in 2018, is an independent division of the KCAB that administers international arbitration cases as well as international mediation matters. KCAB International handles a broad range of cross-border commercial disputes, with parties from over 20 jurisdictions filing cases in 2024. According to the most recent available statistics, the KCAB reported 48 international arbitration cases out of a total caseload of 349 in 2024. Across the KCAB’s total caseload, construction (35%) and information technology (16.6%) disputes accounted for the largest proportion of cases filed. Adoption and applicability of the 2026 KCAB Rules The 2026 KCAB International Arbitration Rules (the ‘2026 Rules’) came into effect on 1 January 2026, marking the first revision of the KCAB International Arbitration Rules (the ‘Rules’) since 2016. The 2026

Joinder of additional parties The 2026 Rules introduce significant changes to the regime governing joinder of additional parties. Under the 2016 Rules, consent of the additional party to joinder was required in all cases and only the tribunal could determine whether an additional party could be joined (2016 Rules, Article 21.1). The 2026 Rules allow joinder of an additional party without the additional party’s consent in certain cases, provided the additional party is prima facie a party to the same arbitration agreement (Article 21.1(b)). The 2026 Rules also introduce a mechanism to request joinder before the tribunal is constituted and give the Court the power to determine the request for joinder before the tribunal is constituted. In this respect, unlike some institutional rules which only permit joinder before the constitution of the tribunal, the approach adopted by KCAB allows for joinder of an additional party after the constitution of the tribunal provided it is deemed

The KCAB International Arbitration Court A significant change introduced by the 2026 Rules is the establishment of the Court.The Court independently performs case administrative functions referred to in the 2026 Rules, while the Secretariat provides assistance and supports the day-to-day administration of cases (Article 1.3). This represents a structural shift from the prior framework, under which case administrative functions were carried out primarily by the Secretariat. The Court is headed by its Chairperson and is composed of internationally recognised arbitration practitioners from multiple jurisdictions. This court-based governance model is intended to enhance consistency, predictability, and institutional oversight in the administration of arbitrations. In this respect, the Court aligns KCAB International more closely with other arbitral institutions such as ICC, LCIA, and SIAC. The Court exercises decision-making authority in matters including the appointment, challenge and removal of arbitrators, as well as other case-related determinations. Tribunal constitution Qualifications First, when the Court appoints an arbitrator,

Law360, Expert analysis: This is the second article in a five-part series discussing international arbitration trends and topics for 2026. This article focuses on emerging trends in mergers and acquisitions (M&A) and securities arbitration. Katie L Gonzalez and Mark E McDonald, partners and Maria Manghi and Guido Frasoldati, associates, all at Cleary Gottlieb Steen & Hamilton LLP have contributed towards this analysis.

Law360, London: This is the third article in a five-part series discussing international arbitration trends and topics for 2026. This article focuses on two significant 2025 developments that may influence arbitration parties' choice of arbitral seats.

Name of parties and citation(s) Judgment date Subject Further reading The State Oil Company of the Republic of Azerbaijan and others v Masimov and others [2026] EWHC 2102 (Comm) 7 August 2026 Permission for service out of the jurisdiction Cheyne European Special Situations Fund Investments Sca and other companies v TMF Trustee Ltd and another company [2026] EWHC 2091 (Ch) 6 August 2026 Liability Management Exercises (LMEs): English proceedings (involving Assenagon claim) stayed pending resolution of US proceedings Case management stay for parallel New York proceedings (Cheyne European Special Situations Fund Investments v TMF Trustee) Re Float Capital Ltd (In Creditors’ Voluntary Liquidation) [2026] EWHC 2077 (Ch) 5 August 2026 Where rule 18.30 of the Insolvency (England and Wales) Rules 2016 is incapable of producing an effective determination, then section 112 of the Insolvency Act 1986 permits the court to resolve the issue Re TG Jones High Street Ltd [2026] EWHC 2079 (Ch) 5 August 2026 Part 26A restructuring plan: sanctioned—cross class cram-down Stanford v Klotho

This Practice Note sets out the key dates for restructuring and insolvency professionals in 2026 and includes appeal court hearings, consultation deadlines, events and the coming into force of insolvency-related legislation. January 2026 Date Event 1 January 2026 On 18 September 2025 an updated Practice Statement was published for Part 26 schemes and Part 26A restructuring plans. A number of changes have been made to the original draft to reflect responses from the earlier consultation, including (among others) that members’ schemes of arrangement are excluded from the requirement for a claim form to be issued before a hearing date can be obtained.This updated Practice Statement will apply from 1 January 2026 and encourages early identification of jurisdictional and procedural issues, clearer communication with stakeholders, and more efficient case management—ensuring that time and resources are used proportionately.See Practice Note: The Practice Statement for Part 26 schemes and Part 26A restructuring plans (2025) and LNB News 19/09/2025 33. 1 January 2026 The Bank Recovery and Resolution (Amendment) Regulations 2025, SI 2025/862 were