From the Technical Accounting team … Members and readers may be aware that the European Anti Money Laundering Authority (AMLA) commenced its work this year. Part of its remit is to provide regulatory technical standards (RTSs) and guidelines for both financial and non-financial obliged entities on areas dealt with in the AML Regulation and AML Directive, the European Union 6th Anti-Money laundering package, informally known as AMLD6. These laws were passed in 2024 but most of the provisions do not come into force until 2027. The provisions apply to all obliged entities including accountants, auditors, and tax advisors. As AMLA’s work continues over the coming years (throughout 2026 and 2027), the Institute will monitor and distribute more information and guidance of interest and importance to members in the anti-money laundering area. In the meantime, we have prepared Technical Alert 05/2025, which outlines selected changes to current AML law under AMLD6. The Alert provides a high-level outline of some of the changes which will occur when AMLD6 comes into force in 2027. While this seems like a relatively long time away, it will pay to gain an early insight and understanding of the changes prior to provisions coming into force. The Alert highlights differences from current law, which are likely to be of most relevance or interest to our members. It is a comparison document rather than specific or detailed instructions or guidance on AMLD6. Nonetheless, we hope that it will provide some useful information for our members in gaining further understanding of the new compliance requirements under the AMLD6 package. Some of the changes, which members should take note of include: More detailed requirements for customer due diligence (CDD) procedures. EU Ban on cash payments over €10,000. Individual member states may set even lower limits. More closely defined AML roles, governance structures, and internal control framework. An independent audit function within entities or the possibility to outsource this to an external expert. This may pose challenges for sole practitioners, and it is going to be an additional cost of being in practice (where independent audit functions do not currently exist). New outsourcing rules and outsourcing prohibitions. Wider definition of a Politically Exposed Person (e.g. to include the siblings of PEPs in certain cases). More detailed beneficial ownership provisions. The Institute will continue to keep track of AMLA’s work and deliverables over the coming months. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.

In Irish news, the Department of Finance and the Revenue Commissioners have launched a joint public consultation on an eWHT (electronic withholding tax) system for Ireland, and we remind you of the approaching capital gains tax (CGT) payment deadline on next Monday 15 December. In UK news, the Institute’s new Making Tax Digital (MTD) hub has now launched to assist members ahead of the first tranche of mandation from 6 April 2026, and the second part of our detailed UK Autumn Budget 2025 coverage includes an update on our recent engagement with HMRC and the publication of the Finance (No. 2) Bill.  In International news this week, the OECD announces its intention to implement a new framework for the exchange of offshore real estate information. Ireland 1. Read about the joint public consultation, launched by the Department of Finance and the Revenue Commissioners, on an eWHT (electronic withholding tax) system for Ireland. 2. We remind members that the payment deadline for capital gains tax liabilities arising in the period 1 January to 30 November 2025 is next Monday, 15 December 2025. UK 3. Ahead of the first tranche of mandation from 6 April 2026 of Making Tax Digital (MTD) for income tax, the Institute’s new MTD hub has now officially launched to assist members and businesses in their preparations for this major change. 4. Part 2 of our detailed Autumn Budget coverage highlights recent engagement with HMRC on the Budget and outlines details included in Finance (No. 2) Bill which was published last week. International 5. Read about the announcement by the OECD on a new framework for the automatic exchange of offshore and real estate details. Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter. Subscribe to the Tax News by updating your preferences in MyAccount.    

In today’s dynamic and competitive professional environment, the value of quality mentorship cannot be exaggerated. Whether you are just beginning your career or navigating the complexities of leadership, having a mentor can provide clarity, confidence, and direction. A mentor is more than just an advisor — they are a trusted guide who shares experience, perspective and knowledge to help you achieve your goals. Learning and skill development One of the most sizable benefits of having a mentor is the ability to learn quicker. Mentors have already walked the path you are on, and they can share insights that textbooks and training programs often overlook. This real-world wisdom helps you avoid common mistakes and focus on strategies that work. Objective perspective and sound advice When faced with difficult decisions, it’s easy to feel overwhelmed or uncertain. A mentor provides an objective viewpoint, helping you see situations from different angles. They are not emotionally invested in the outcome, which allows them to offer unbiased advice. This perspective can be invaluable when you’re considering career moves, negotiating roles, or managing workplace conflicts. Having someone who can challenge your thinking constructively ensures that your decisions are well-informed and strategic. Confidence building and personal support Confidence is a critical ingredient for success, yet it often wavers in the face of new challenges. Mentors play a key role in building confidence by offering encouragement and constructive feedback. They help you recognize your strengths and develop areas for improvement without judgment. This support fosters resilience and empowers you to take on responsibilities that might otherwise feel daunting. Over time, this confidence translates into greater leadership potential and career advancement. Networking and career opportunities Mentorship often opens doors to new opportunities. Experienced mentors typically have extensive professional networks and can introduce you to influential contacts. These connections can lead to collaborations, job opportunities, or invitations to industry events. In many cases, these relationships become stepping stones to long-term career growth. Accountability and goal setting Another advantage of having a mentor is accountability. Mentors help you set realistic goals and track your progress, ensuring that you stay focused and motivated. Regular check-ins create a sense of responsibility and momentum, making it easier to achieve milestones. This structured approach to growth can be particularly beneficial for individuals who struggle with self-discipline or time management. A safe space for honest conversations A mentor provides a safe, confidential space where you can discuss challenges without fear of judgment. Whether it’s navigating office politics, managing stress, or exploring career transitions, mentors offer guidance that is both empathetic and practical. Why mentorship matters more than ever In an era of rapid technological change and evolving business models, continuous learning is essential. Mentorship bridges the gap between theory and practice, offering insights that are timely and relevant. For professionals in fields like accounting, where regulations and standards are constantly shifting, having a mentor can help you stay ahead of the curve and maintain a competitive edge. Mentorship is not a one-way street—it benefits both parties. Mentors gain satisfaction from sharing their knowledge and shaping the next generation of leaders, while mentees receive guidance that accelerates their growth. This reciprocal relationship fosters a culture of collaboration and lifelong learning. Final thoughts Investing in a mentoring relationship is one of the most impactful steps you can take for your career and personal development. It’s about more than advice - it’s about building a partnership that nurtures growth, resilience, and success. Whether you seek a mentor within your organization or through professional networks, the benefits are clear: accelerated learning, expanded opportunities, and a stronger sense of purpose. If you haven’t yet found a mentor, please consider the Chartered Accountants Mentor Programme.

With just under four months to go to the commencement of Making Tax Digital (MTD) for income tax from 6 April 2026, the Institute is pleased to present our new MTD hub. The aim of the hub is to assist members and businesses in their preparations for this key change in UK tax administration. Read the latest news and guidance on this key change in addition to more detailed information on what MTD for income tax is, the timetable for mandation, exemptions, deferrals, how to sign up and much more. The Institute will continue to develop the hub in the coming weeks and months as policy changes are announced and as HMRC publishes tools and information to assist agents, businesses and landlords in their preparations.

The guidance on the interest limitation rule has been updated by Revenue to provide details in relation to the ‘association’ tests in the context of partnerships. The guidance is consistent with the relevant information included in the guidance on the anti-hybrid rules and guidance on the taxation of partnership. An additional appendix has been included to provide clarifications on the population of the Form CT1 with respect to the interest limitation rules.

The Central Statistics Office has published the Quarterly National Accounts for the third quarter of 2025 confirming GDP decreased by 0.3 percent in the third quarter of this year while Modified Domestic Demand grew by 2.3 per cent in the quarter. The publication outlines that exports increased by 2.1 percent while total imports rose by 10.4 percent. Personal spending on goods and services which is seen as a key measure of domestic economic activity, was up by 0.1 percent in the quarter. Commenting on the figures, Tánaiste and Minister for Finance, Simon Harris said: “Today’s figures confirm the continued resilience of the domestic economy. Modified Domestic Demand grew by 5 per cent in the third quarter on an annual basis. While this may overstate the underlying performance of the economy at present, I am encouraged by the strength of consumer spending which grew by 2½ per cent over the same period.  Alongside the robust exchequer figures released yesterday, today’s figures highlight the relatively healthy position of our domestic economy at present.”

Last week saw the House of Commons debate the Budget resolutions following which the Finance Bill was published and introduced to the House. Finance (No. 2) Bill 2025/26 had its first reading last week with second reading subsequently scheduled for 16 December 2025. The Bill, as introduced, contains the legislation for a range of announcements in November’s Budget but also features the draft legislation on the changes to agricultural property relief and business property relief from 6 April 2026. Explanatory notes to the Bill are also available. The House of Commons Library has also published a research briefing on the Autumn Budget 2025 and the Finance Bill.  The Finance Bill also includes the primary legislation for the UK’s carbon border adjustment mechanism legislation (CBAM) which will commence from 1 January 2027. More information on the UK’s CBAM is available in a policy update and factsheet. Finance (No. 2) Bill 2025/26 also includes further amendments to the UK's Pillar Two multinational top-up tax and domestic top-up tax. According to HMRC, these amendments are “those identified from stakeholder consultation or otherwise necessary to ensure the UK’s legislation remains consistent with the commentary and administrative guidance to the GloBE rules developed by the UK and other members of the OECD/G20 Inclusive Framework”. HMRC has also confirmed that the Finance Bill does not include any amendments to reflect any ‘side-by-side package’ as this is still being finalised by the Inclusive Framework. The ‘side by side package’ is a proposed political agreement which would allow the existing Global Intangible Low-Taxed Income Tax regime of the USA to coexist with the OECD's Pillar Two global minimum tax rules. The objective of this arrangement would be to exempt US parented multinational enterprises from some key Pillar Two rules.

The Pillar Two registration deadline for in-scope entities with a fiscal year ending on or before 31 December 2024 is 31 December 2025. At a recent Main TALC meeting, Revenue’s Large Corporates Division (LCD) highlighted that the number of registrations to date remains low. Revenue outlined the importance of completing registrations well ahead of the deadline and urged practitioners to ensure that any clients within the scope of Pillar Two are registered on time. Revenue had previously sent a letter to Irish companies who may be in scope of Pillar Two taxes, advising them of their registration obligations. The Pillar Two registration link can be found on the ROS homepage under ‘Other Services’. Further details are outlined in an earlier newsletter item.

Revenue has published a further warning of fraudulent emails, SMS (text messages) and phone calls seeking personal information from taxpayers. The press release outlines that Revenue has recently had sight of scam emails which claim that a taxpayer is “due an audit” and which include a link requesting the taxpayer to arrange the audit by a specified date. These messages are not from Revenue. Revenue will never contact a taxpayer by email, SMS or phone call to inform you of a tax refund or bill. Taxpayers who have provided Revenue account details in response to an email, SMS or phone call are advised to reset their password immediately. Taxpayers are advised to contact their bank or credit card provider if they have provided bank or card details.

Following the Budget, HMRC sent an email setting out key details that will directly affect tax agents, in addition to information that might be useful for their clients, or which agents may receive enquiries about. HMRC also confirmed that as set out at the Budget, the Finance Bill includes the legislation that requires tax advisers who interact with HMRC on behalf of clients to register with HMRC and meet certain eligibility conditions. This requirement was due to take effect from April 2026 but has now been delayed to take effect from May 2026. HMRC expects to publish detailed guidance on this next month. Chartered Accountants Ireland responded to the consultation on the draft legislation for this measure in September and had recommended that the measure be delayed. Our submission also recommended that the meaning of tax adviser be restricted to only require those at the highest level working in tax to be within the scope of the rules. The draft legislation now published confirms that this recommendation is largely being implemented for organisations with more than six officers (as defined). Officer is defined as follows: “(a) in relation to a company, a director; (b) in relation to a body corporate whose affairs are managed by its members, a member who exercises functions of management with respect to it; (c) in relation to a body corporate not within paragraph (a) or (b), an officer of the body whose functions correspond to those of a director of a company; (d) in relation to a partnership, a partner; (e) in relation to any other organisation, a person who exercises functions of management with respect to it.” Clauses 222 and 223 of the Finance Bill sets out details of the application process and who within that process is a relevant individual and officer whose details must be included in the application for registration.  More details are available in the associated policy paper which confirms that there will be a three-month transition period. Further details on registration timelines and the transition arrangements for specific tax adviser groups will be communicated by HMRC to stakeholders in advance. The Institute has been engaging with HMRC in the previous weeks and months as HMRC developed this amended draft legislation and will continue to do so.

Revenue has updated its guidance on deposit interest – whether a trading receipt to outline when deposit interest can be treated as a trading receipt. The guidance confirms that to qualify as a trading receipt, the funds must be considered an integral aspect of the trade. The guidance also clarifies that in general, interest earned on funds placed on deposit, which are deemed to be in excess of a company’s business needs, are not considered income taxable under Case I. This is on the basis that Revenue deems such funds as not being integral to the company’s trading activities.

Revenue has updated its guidance on small, self-administered pension schemes in relation to references in the document to Pensions Branch, High Wealth and Financial Services Division. Certain references to tangible moveable asset have also been updated and the guidance now includes the deemed distribution provisions.