United Kingdom: Government Policy & Public Finance

The Fundraising Regulator has launched a consultation proposing new registration thresholds for free draw operators, requiring them to contribute 20% of ticket sales to charity—matching society lottery standards. These proposed changes follow the Government's publication of a Voluntary Code of Good Practice for Prize Draw Operators and could significantly impact how charitable free draws operate in the UK.

On 22 April 2026, the Financial Conduct Authority (FCA) published its policy statement PS26/6, confirming a package of reforms to the Senior Managers and Certification Regime (SM&CR).

HMRC's March Agent Update introduces significant changes to employment tax administration, including quarterly reviews of the official rate of interest, new PAYE responsibilities for labour supply chains involving umbrella companies, and modifications to Overseas Workday Relief notifications. These updates will impact how employers manage tax compliance and reporting obligations from April 2026 onwards.

From January 2026, UK taxpayers who use crypto-assets will face new reporting obligations under regulations aligned with the OECD's Crypto-Asset Reporting Framework (CARF).

HMRC has announced that the introduction of mandatory payrolling for most Benefits in Kind (BiKs) will be delayed by one year, until 6 April 2027.

FICs are companies limited by shares (an "Ltd" or "Limited") and often established by parents and/or grandparents ("Founders") to benefit themselves and their family, as shareholders.

The UK's Autumn Budget 2024 outlined £40 billion in tax increases, primarily impacting employers through higher national insurance rates. Key measures included Capital Gains and Inheritance Tax reforms, with limited business incentives, and no changes to VAT or income tax.

The 2024 Autumn Budget, to be delivered on 30 October by Chancellor Rachel Reeves, may introduce tax changes including potential Capital Gains Tax reforms, Inheritance Tax adjustments, pension relief cuts, and alterations to non-dom taxation and furnished holiday lets.

With Chancellor Rachel Reeves's first Budget scheduled for Wednesday 30th October 2024, we have set out below, our thoughts on some of the rumoured tax rises required to address the nation's £20 billion deficit.