Tax implications of employees selling shares on PISCES
The private intermittent securities and capital exchange system (PISCES) is a new type of secondary trading platform that will allow for the intermittent trading of private company shares. Alongside the Spring Statement on 26 March 2025, the government published a technical note explaining how PISCES trading events will interact with the tax advantaged share schemes and the tax implications for employees selling their shares on PISCES.
In a written statement to Parliament, the government has confirmed that it will legislate in the next Finance Bill to allow employers, with their employee’s permission, to amend existing contracts to include a PISCES trading event as an exercisable event, without losing tax advantages under the schemes. The government says that further information will be published by the end of July 2025.
HMRC customer service update
HMRC has published a provisional update on its phone performance ahead of the publication of its annual report and accounts later this year. In March 2025, HMRC handled 80.2% of telephone calls (71.5% for the year to 31 March 2025) and took 14 minutes and 44 seconds on average to answer a call (18 minutes and 38 seconds for the year to 31 March 2025).
Read more about HMRC's performance on phone calls
UK and Isle of Man to work together on tackling promoters
The government has reported that the UK and the Isle of Man have agreed to “explore ways to further enhance information flows” and “joint working” in order to combat tax avoidance and evasion.
Closure of HMRC forums
HMRC has announced that it will close its agent and customer online forums with effect from 30 June 2025. HMRC says that forum users have been contacted to notify them of the change and to direct them to alternative digital customer support channels.
HMRC research and analysis
HMRC has published research in a wide range of areas, including the effectiveness of the super-deduction, the role of paid agents in supporting compliance and views on flexible models of timely payment for income tax self assessment liabilities.
See HMRC’s list of research publications
News for pension scheme administrators
HMRC has published its latest Pension schemes newsletter. The newsletter includes updates and guidance on a range of areas, including how non-UK pension scheme administrators can prepare for the changes applying from 6 April 2026. Briefly, with effect from 6 April 2026, all pension scheme administrators of a UK registered pension scheme will be required to be UK resident.
HMRC repayment and refund survey
HMRC has launched a survey for insolvency practitioners on getting a repayment or refund from HMRC. HMRC says that there are 14 short questions to answer and that responses will remain anonymous. The survey closes on 20 June 2025.
Tax Faculty
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