Finance Bill 2025–26

The Finance Bill 2025–26 was published on 4 December 2025. On this page you can find parliamentary papers, ICAEW representations and other commentary on the Bill's progress into law.

The Finance Bill

Finance (No. 2) Bill 2024-26
Text of the of the Bill as introduced on 3 December 2025, accompanied by explanatory notes, subsequent versions, amendment papers, and record of its progress through parliament.

Finance Bill 2025–26 — draft legislation and technical tax documents
Collection of draft legislation and tax information and impact notes (TIINs) for the Finance Bill 2025-26.

Latest tax news

House of Lords highlights concerns with Finance Bill legislation

Article
03 Nov 2025

Having heard evidence on the draft legislation for Finance Bill 2025-26, including legislation providing for IHT reform, the House of Lords has questioned the government on its proposals to clamp down on promoters of tax avoidance schemes.

ICAEW has major concerns about draft Finance Bill legislation

Article
17 Sep 2025

ICAEW has raised issues on a range of measures, including mandatory agent registration and inheritance tax reform, in its responses to the government’s technical consultation on draft legislation for the Finance Bill 2025/26.

Government’s plans for agents may harm the tax system

Article
17 Sep 2025

ICAEW’s Tax Faculty has warned the government that draft legislation requiring mandatory agent registration and granting HMRC new powers to tackle agents facilitating non-compliance and promoters of marketed tax avoidance misses the target.

ICAEW urges government to reconsider tax changes for charities

Article
01 Sep 2025

ICAEW believes that some of the changes proposed by the government could cause uncertainty and may even discourage potential donors from leaving gifts to charities in their will.

Timeline of drafts and ICAEW representations

Draft Finance Bill 2025-26 and ICAEW responses

Draft legislation published for Finance Bill 2025-26
21 July 2025, HMRC
Draft legislation, supporting documents and tax information and impact notes (TIINs) covering proposed measures on Income Tax, Corporation Tax, Inheritance Tax, and more.

ICAEW REP 62/25: Draft Finance Bill: changes to charity compliance measures
27 August 2025, ICAEW
ICAEW representation responding to the 'Changes to charity compliance measures' draft Finance Bill legislation published by HMRC on 21 July 2025. It argues that some of the proposed amendments risk creating uncertainty and unintended tax consequences for charities, and recommends revisions to ensure clarity, fairness, and alignment with existing tax principles.

ICAEW REP 65/25: Making Tax Digital draft legislation and regulations
12 September 2025, ICAEW
ICAEW representation on the Making Tax Digital draft legislation published by HMRC on 21 July 2025. It reiterates ICAEW's opposition to mandatory quarterly updates, citing added complexity and cost. It recommends keeping annual reporting (making quarterly updates optional), and urges clearer exemptions and better support for taxpayers to ensure the regime is practical and proportionate.

ICAEW REP 66/25: Land remediation relief consultation
15 September 2025, ICAEW
ICAEW representation responding to the Land Remediation Relief consultation published by HM Treasury on 21 July 2025. It makes a number of suggestions for improving the relief (reform of restrictive conditions such as the fixed dereliction date, for example), and recommends clearer HMRC guidance.

ICAEW REP 67/25: Reforming inheritance tax - unused pension funds and death benefits
15 September 2025, ICAEW
ICAEW representation responding to the draft legislation on reforming inheritance tax for unused pension funds and death benefits published by HMRC on 21 July 2025. It urges revisions to address administrative challenges and unintended consequences. In particular, it argues that the government must implement a system where pension scheme administrators (PSAs) are required to make a fixed deduction of IHT from pension funds.

ICAEW REP 68/25: Draft Finance Bill 2025/26 legislation: reforms to agricultural and business property reliefs
15 September 2025, ICAEW
ICAEW representation responding to the draft legislation on reforms to agricultural and business property reliefs published by HMRC on 21 July 2025. It expresses disappointment that key concerns — such as the lack of transferability between spouses and the practical challenges estates will face in funding new inheritance tax liabilities — have not been addressed. ICAEW urges further revisions to ensure fairness, viability for businesses and farms, and alignment with established tax principles.

ICAEW REP 69/25: Modernising and mandating tax adviser registration with HMRC
15 September 2025, ICAEW
ICAEW representation responding to the draft legislation on modernising and mandating tax adviser registration with HMRC, published on 21 July 2025. It recommends further consultation and revisions to ensure the legislation is practical, proportionate, and supports high standards in tax advice.

ICAEW REP 70/25: Enhancing HMRC’s powers: tackling tax adviser facilitated non-compliance
15 September 2025, ICAEW
ICAEW representation responding to the draft legislation on enhancing HMRC’s powers to tackle tax adviser facilitated non-compliance published by HMRC on 21 July 2025. It recommends revisions to ensure the legislation is proportionate, clearly focused on deliberate misconduct, and aligned with established tax principles.

ICAEW REP 71/25: Proposals to close in on promoters of marketed tax avoidance
15 September 2025, ICAEW
ICAEW representation responding to the draft legislation on proposals to close in on promoters of marketed tax avoidance published by HMRC on 21 July 2025. It recommends narrowing the scope of criminal offences, clearer definitions, and further consultation to ensure the legislation is targeted, fair, and aligned with established tax principles.

ICAEW REP 72/25: Better use of new and improved third-party data to make it easier to pay tax right first time
15 September 2025, ICAEW
ICAEW representation responding to the draft legislation on better use of new and improved third-party data to make it easier to pay tax right first time, published by HMRC on 21 July 2025. It endorses a number of provisions (such as the move to quarterly reporting), but raises certain concerns, for instance around the use of penalties for failure to notify.

ICAEW REP 73/25: Draft Finance Bill 2025/26 legislation: employee car ownership schemes
15 September 2025, ICAEW
ICAEW representation responding to the draft legislation on Employee Car Ownership Schemes (ECOS) published by HMRC on 21 July 2025. It raises concerns that the proposed changes could unintentionally bring genuine commercial arrangements into benefit-in-kind charges for employees of car manufacturers, and recommends consideration of transitional provisions.

Tax returns and Finance Bill concerns
1 October 2025, ICAEW
Episode of The Tax Track podcast explaining the Tax Faculty's concerns with draft legislation for Finance Bill 2025/26 that promises to make significant changes to the tax system, particularly for agents.

ICAEW REP 82/25: Finance Bill Sub-Committee - call for evidence on draft Finance Bill clauses for reforming inheritance tax
7 October 2025, ICAEW
ICAEW representation giving evidence on the Draft Finance Bill 2025-26 to the House of Lords Economic Affairs Finance Bill Sub-Committee. It focuses on two IHT-related measures included in the draft Bill, outlining issues which might arise from their implementation, and urging clearer rules, transitional measures, and better government support.

Autumn Budget 2025

Budget 2025
The Chancellor of the Exchequer presented her Autumn Budget 2025 to Parliament on Wednesday 26 November 2025.

ICAEW hub: Autumn Budget 2025
See ICAEW's analysis of key announcements and news.