Budget timetables
Following the announcement that the UK Budget will be delivered on 26 November 2025, arrangements are now being made for the Scottish and Welsh Budgets.
In a letter to the Scottish Government Finance and Public Administration Committee, Shona Robison MSP, Scottish Cabinet Secretary for Finance and Local Government, has proposed 15 January 2026 as the date for the Scottish Budget.
It is reported on the Welsh Parliament website that the final Welsh Budget will be published on 20 January 2026 following scrutiny of the outline draft Budget (on 14 October 2025) and the detailed draft Budget (on 3 November 2025).
HMRC guidance on freeports tax reliefs
HMRC has published Guidelines for Compliance (GfC) 14: Help with freeports. HMRC says that the purpose of GfC14 is to:
- outline the tax reliefs and customs benefits available in connection with freeports;
- detail how to qualify for the reliefs and benefits; and
- highlight common errors businesses make in claiming those reliefs and benefits.
Returning tax-free pension lump sums
HMRC’s latest Pension Schemes Newsletter includes a statement issued in parallel with the Financial Conduct Authority (FCA) on the interactions between cancellation rights and the tax treatment of tax-free lump sums paid back into a registered pension scheme.
HMRC says that “if an action has resulted in a tax consequence, and an attempt is made to reverse the action, normally the resulting tax consequences cannot be reversed”; however, if the “transaction falls within the FCA rules that require a cancellation right to be provided then the tax consequences can be reversed”. The statement provides guidance on, and examples of cancellation rights.
Corporation tax statistics
HMRC has updated its statistics for corporation tax to include receipts figures up to financial year ended 31 March 2025 and liability estimates for company accounting periods ending between 1 April 2023 to 31 March 2024. Total corporate tax receipts in financial year 2024 to 2025 were £97.2 billion, an increase of £3.5 billion (4%) on the previous financial year.
HMRC has also published updated statistics for PAYE and corporation tax receipts from the banking sector and on claims for patent box relief.
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