Latest data on HMRC performance
HMRC has updated its performance report for the year ending 31 March 2026 to include data for August 2025. The data suggests that HMRC’s performance on post is improving as, for August 2025, 81% of correspondence received by HMRC was cleared within 15 working days of receipt, compared to 69.7% for the quarter ended 30 June 2025. In an earlier article, ICAEW explained that HMRC’s performance on post had suffered as staff were moved from post to calls to deal with the self assessment peak.
Taxation of cryptoasset exchange traded notes
Cryptoasset exchange traded notes (CETNs) are debt securities that are designed to track the performance of referenced cryptoassets. Retail investors are allowed to access CETNS from 8 October 2025, following a change to Financial Conduct Authority rules. HMRC has published a policy paper that explains how CETNs can be held within individual savings accounts (ISAs) and registered pension schemes, and sets out transitional arrangements for ISA managers.
Tax in Scotland
The Scottish Budget has been confirmed for 13 January 2026, two days earlier than originally planned.
Revenue Scotland has published a summary of a round table event held with the Centre for Public Policy to discuss devolution of tax in Scotland. The round table, which is part of a series of events in a “year-long celebration” to mark Revenue Scotland’s tenth anniversary, follows the Scottish Tax Conference earlier this year.
Agent services account availability
HMRC has advised that the agent services account (ASA) and the ASA for agents not based in the UK will be unavailable from 8am on Sunday, 19 October 2025 to 3am on Monday, 20 October 2025.
Error in tax receipts statistics corrected
HMRC has updated its provisional figures for April 2025 to August 2025 to correct an error that understated VAT cash receipts by £2.4bn. The updated figures show that gross tax and national insurance receipts for April to August 2025 are £367bn, an increase of £24.5bn (14%) on the same period last year.
IESBA 2025 handbook released
The International Ethics Standards Board for Accountants (IESBA) has released the 2025 Handbook of the International Code of Ethics for Professional Accountants. The 2025 handbook incorporates the tax planning pronouncement that was issued in April 2024 and which became effective for tax planning services and activities beginning after 30 June 2025.
Four members of the Professional Conduct in Relation to Taxation (PCRT) group are members of the International Federation of Accountants (IFAC), including ICAEW. Members of IFAC must adopt revisions published by IESBA into their individual ethical codes. An updated version of PCRT was published on 1 October 2025 and will take effect from 1 January 2026. The changes made to PCRT include changes necessary to maintain alignment between the ethical codes of the IFAC bodies and PCRT.
Tax Faculty
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