Tax analysis: A summary of the key business tax announcements made in the Spring Statement on 26 March 2025. Key announcements include: (1) a consultation on the use of advance clearances for research and development (R&D) tax relief, (2) a consultation on advance tax certainty for major projects, (3) confirmation that the Advance Pricing Agreement programme can be used for cost contribution arrangements, (4) consultations on new measures to close in on promoters of marketed tax avoidance and options for reform of HMRC’s powers against tax advisers who facilitate non-compliance, (5) a consultation on options for reform of inaccuracy and failure to notify penalties, and (6) a consultation on changes to the way HMRC collects and uses third-party data. Expert comment provided by Andersen LLP, Blick Rothenberg, Bryan Cave Leighton Paisner, Charles Russell Speechlys, Eversheds Sutherland, Gide Loyrette Nouel, Mishcon de Reya LLP, PKF Francis Clark, Pinsent Masons and Temple Tax Chambers.

In the Spring Statement 2025, on 26 March 2025, the Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP, made several announcements of relevance to Banking & Finance practitioners, including the government's focus on economic stability, investment in public services and infrastructure, national security, and housing development.

In the Spring Budget 2025, on 26 March 2025, the Chancellor of the Exchequer, Rt Hon Rachel Reeves MP, announced the government’s plans to restore stability, increase investment, and grow the economy. The policies announced are intended to bring the government closer to delivering on the key milestones set out in the Plan for Change, which was published in December 2024.

In the Spring Statement 2025, on 26 March 2025, the Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP, made several announcements of relevance to Information Law practitioners, including the modernisation of HM Revenue & Custom's (HMRC) access to third-party data and its use of biometrics, the Regulation Action Plan and the Transformation Fund's Frontier AI Examplars.

In the Spring Statement 2025, on 26 March 2025, the Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP, made several announcements of relevance to International Trade practitioners, including on the temporary exemption of tariffs on various goods, the development of a modern and effective tax and customs system, and the costs of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) tariff liberalisation.

In the Spring Statement 2025, on 26 March 2025, the Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP, made several announcements of relevance to Restructuring & Insolvency practitioners, including tackling phoenixism, public sector reform, growth in businesses, business rates reform, and stock of tax debt.

In the Spring Statement, on 26 March 2025, the Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP, made several announcements of relevance to Public Law practitioners on public sector reform, spending oversight, defence procurement, government efficiency and infrastructure investment. Crowley Woodford, partner, of Ashurst; Gemma Duncan, partner, and James Goldthorpe, trainee solicitor, of Sharpe Pritchard; and Helen Bunker, chair and partner, of Blake Morgan have commented on the package of measures.

Injunctions which seek to negate any unfair competitive advantage which might be gained through misuse of an employer's confidential information are often called a springboard injunction: the springboard refers to the employee’s misuse of confidential information allowing him to spring ahead in his attempts to compete.

This Practice Note considers the nature and scope of interim ‘springboard’ injunctions, used to prevent a wrongdoer from obtaining an unfair competitive advantage as a result of unlawful activity. It looks at the circumstances in which an employer can apply for a springboard injunction to restrain the activities of a former employee, what must be proved to obtain the injunction and how protection is achieved. It also considers how the duration and extent of the injunction may be limited. In some cases, an employer will seek an injunction to protect themselves against the activities of a former employee who, before the termination of their employment, breached a post-termination restriction (restrictive covenant) or misused the employer’s confidential information and has, as a result of that misuse, gained an unfair competitive advantage over their former employer. An interim injunction which seeks to negate any unfair competitive advantage which might be gained through misuse of an employer's confidential information, through breach of contract or the commission of a tort, is often called a 'springboard' injunction. The springboard

A springing financial covenant is commonly included in covenant lite facilities. It typically takes the form of a leverage ratio and applies to the revolving credit facility only and is particularly associated with Term Loan B facilities (TLB).

In the Spring Budget 2024, on 6 March 2024, the Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, announced the removal of administration fee for debt relief orders (DROs).

The government’s Spring Forecast 2026 on 3 March 2026 did not contain any new pensions announcements. However, the Office for Budget Responsibility’s (OBR’s) Economic and Fiscal Outlook, published alongside the Chancellor’s statement, highlights the fiscal impact of previously announced changes to the triple lock, the state pension age (SPA) and inheritance tax. It also reports on the surplus on unfunded public service pension schemes. Meanwhile, the HM Treasury Debt Management Report 2026-27, published alongside the Spring Forecast 2026, confirmed that the planned issuance of index-linked and long-dated conventional gilts has declined due to a fall in demand from pension schemes.