2025–26—Fiscal events including Budget

Copyright © 2025 LexisNexis

This subtopic 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.

The analysis produced in this subtopic will be collected in Practice Note: 2025–26—Fiscal events including Budget—Tax Analysis.

Spring Statement 2025

On 26 March 2025, the Chancellor of the Exchequer, Rachel Reeves MP, 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 Analysis:

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Latest Tax News

FTT allows postponement of disputed VAT pending appeal due to taxpayer hardship (Clear Pay Payroll Ltd v HMRC)

Tax analysis: In Clear Pay Payroll Ltd v HMRC, the First-tier Tax Tribunal (FTT) allowed the taxpayer’s hardship application because it was satisfied that the general requirement for a taxpayer to pay a disputed VAT assessment before an appeal against the assessment is heard would in this case cause the taxpayer hardship.

UT overturns FTT to find that HMRC could deregister ‘mini-umbrella companies’ from VAT (Elphysic Ltd and others v HMRC)

Tax analysis: In Elphysic Ltd and others v HMRC, the Upper Tribunal (UT) overturned the decision of the First-tier Tax Tribunal (FTT) that HMRC was not entitled to deregister the taxpayers from VAT and dismissed the taxpayers’ cross-appeals against the FTT’s decision that they were not entitled to the VAT flat rate scheme and National Insurance Contributions (NIC) employment allowances.

Tax weekly highlights—7 August 2025

This week's edition of Tax weekly highlights includes: (1) News Analysis of the Supreme Court’s decision in Delta Merseyside on private hire operators acting as agents, (2) News Analysis of the UT’s decision in Medpro Healthcare, and (3) HMRC publishing a new manual on MTT and DTT.

Legislation Day: Draft Finance Bill 2026—tackling non-compliance in the umbrella company market

Tax analysis: On Legislation Day 2025, draft Finance Bill 2026 legislation was published that, if enacted, would make agencies and end clients jointly and severally liable for Pay As You Earn (PAYE) and National Insurance Contributions (NICs) failings by umbrella companies. John Chaplin, partner at BDO, considers these new provisions.

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