Legislation for Finance Bill 2024/25
The government has announced that it will publish draft clauses for the next Finance Bill on 21 July 2025 (L-day), along with explanatory notes, tax information and impact notes, responses to consultations and other supporting documents. The draft legislation will cover pre-announced policy changes.
Deadline for paying class 1A NIC
HMRC has reminded employers that the deadline for payment of class 1A NIC for 2024/25 is:
- 19 July 2025 if paying by cheque; or
- 22 July 2025 if paying electronically.
HMRC’s guidance explains the circumstances in which class 1A NIC is payable and how to make a payment.
Corporation tax technical specifications
HMRC’s guidance on corporation tax technical specifications in XBRL and iXBRL format now includes the following documents:
Changes to HMRC's statistic publications
HMRC has published a consultation outcome setting out the changes it will make to its statistical publications. HMRC says that “approximately half of the confirmed changes will expand existing publications with additional breakdowns” and that “other changes will alter the frequency, change the publication date, cease or merge publications, or streamline the outputs”. The consultation was published in January 2025.
Consultation on draft CBAM legislation
ICAEW’s Tax Faculty has responded to the government’s consultation on draft legislation providing for the introduction of a UK carbon border adjustment mechanism (CBAM) from January 2027. ICAEW supports the government’s approach to structuring the CBAM legislation and has emphasised the importance of timely and clear guidance from HMRC to support businesses in meeting their CBAM compliance obligations.
Treatment of cooking alcohols for alcohol duty
In Revenue and Customs Brief 5 (2025), HMRC has set out the treatment of certain cooking alcohols for the purposes of alcohol duty relief. This follows the decision in Gourmet Classic Ltd v HMRC [2025] UKFTT 256 (TC) where it was decided that those cooking alcohols are food. As such, they are an eligible article for the purposes of the alcoholic ingredients relief scheme.
IFS report on pensions
The Institute of Fiscal Studies (IFS) has published the final report of its pensions review, a major project launched in April 2023. In a press release published alongside the report, the IFS calls for “decisive action needed to create a pension system fit for the next generation”. The review makes a number of recommendations to:
- deliver a secure state pension;
- encourage private pension saving;
- improve means-tests support; and
- help people manage pensions wealth in retirement.
Late filing penalties
Tax Policy Associates (TPA) has reported that: “in the past five years, 600,000 people who owe no tax have been charged HMRC late-filing penalties”, compared to the “400,000 penalties issued to everyone in the top three income deciles combined”. TPA’s analysis is based on a freedom of information act response from HMRC.
Tax Faculty
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