To go straight to the articles in the latest edition please scroll down to the section(s) below that are of interest to you. For a preview of these articles, read the introduction to the latest edition from Sharon Baynham here:
The last few weeks have provided some distraction from the long slow march towards the Autumn Budget as we have watched all of the UK’s major political parties parade at their respective party conferences. In rousing speeches, stimulating fringe events and continual media interviews, they have set out their overall political agenda to the party faithful and the public, hoping to win hearts whilst scoring points against their opponents.
The political class has returned to Westminster fully puffed up, despite some leaders breathing sighs of relief that they survived conference season without being defenestrated by newer, shinier models. We have studied all of the conference activity for tax content, mainly so that you don’t have to. The result is a spotlight article comparing notes on the tax policies of the different parties.
Our next article covers a chargeable gains case involving the question of whether the payment of a termination fee in a failed merger was taxable under one very narrow provision of the Taxation of Chargeable Gains Act 1992. In an interesting twist, despite the Tribunal finding for the taxpayer, it implied that its decision might have been different if HMRC had brought the case on different grounds.
Our third article deals with the subject of cryptoasset Exchange Traded Notes (cETNs). Following a change in policy by the FCA, HMRC have published new guidance on the tax treatment of cETNs. This article looks at the impact on holding cETNs in ISA wrappers and pension products.
Finally, we include a link to Tim Sarson’s International Tax Review for September 2025 where matters covered include a CJEU decision clarifying VAT treatment of transfer pricing adjustments.
In other news in brief we cover the launch of a study on large business tax compliance by the NAO, the result of an application to appeal to the Supreme Court in the Beard case, the publication of new Investment Zone and Freeport maps, and a reminder that employers face increased scrutiny as the head of the Fair Work Agency is appointed. We also include a link to our latest European Economic Outlook.
Finally, we include our usual links to Indirect Tax Weekly Talking Points and Week in Tax summaries of the key tax developments from around the world.
Tax matters for business
Articles of interest to businesses
Tax and the Party Conferences 2025
A summary of the key tax policy statements from the main political parties’ 2025 conferences
Tax treatment of termination fee received following a failed merger
The Tribunal concluded the payment was non-taxable but implied the result would be different had HMRC brought the case on different grounds
Tax treatment of cryptoasset Exchange Traded Notes
Following a change in policy by the FCA, HMRC have published new guidance on the tax treatment of cETNs
International tax review for September 2025
Tim Sarson reports on key developments including France's DST being upheld and a CJEU decision clarifying VAT treatment of TP adjustments
Indirect Tax Weekly Talking Points – 8 October 2025
This week’s edition includes a CJEU judgment on the recovery of reverse charge VAT and two UK tribunal updates
Indirect Tax Weekly Talking Points – 15 October 2025
This week’s edition includes a CoA case on input tax recovery and the standard method override and a CJEU case on pre-2015 digital services
Tax matters for employers
Articles of interest to employers
Tax and the Party Conferences 2025
A summary of the key tax policy statements from the main political parties’ 2025 conferences
Tax matters for Individuals
Articles of interest to individuals
Tax and the Party Conferences 2025
A summary of the key tax policy statements from the main political parties’ 2025 conferences
Other news in brief
- NAO launches study on large business tax compliance
- Permission to appeal to Supreme Court refused in Beard case on the meaning of ‘dividends of a capital nature’
- New Investment Zone and Freeport maps published
- Employers: time to prepare for increased scrutiny as Fair Work Agency head appointed
- European Economic Outlook – October 2025
International round up - Week in Tax
