The UK Government published its first sanctions strategy on 22 February 2024. The strategy addresses how it uses sanctions as a foreign and security policy tool. It sets out the continued investment, partnerships and structures that support UK government sanctions and the cross-government architecture built to deliver sanctions. It outlines the partnerships developed with the private sector, NGOs, and international partners, and the steps being taking to strengthen sanctions implementation and enforcement. 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.

The Digital Services Act 2024 (“DS Irish Act”) was passed into law on 11 February 2024 and came into force from 17 February 2024.Please click here for a DETE press release giving more details of the DS Irish Act. The EU Regulation (“Regulation”) commonly referred to as the Digital Services Act applies in full in all Member States from 17 February 2024.The Regulation establishes a pioneering regulatory framework to protect EU users of digital services and their fundamental rights online.  While the Regulation has direct legal effect in EU Member States, it was necessary to have national legislation to implement those provisions of the Regulation that provide for the supervision and enforcement of those obligations. The DS Irish Act 2024 fulfils Ireland’s obligations in this regard. The DS Irish Act formally designates and empowers Coimisiún na Meán as the Irish Digital Services Coordinator and the Competition and Consumer Protection Commission as a competent authority for online marketplaces under the Regulation. When the DS Irish Act was published as a bill late last year it was clarified at the time in a press release from DETE that it was a technical bill, drafted to address specific obligations on Member States of the EU to give effect to the supervision and enforcement provisions of the Regulation. The bill did not add to or amend the obligations on online platforms under the Regulation. Those obligations have direct legal effect in all Member States of the EU and do not require any implementing measures in national law. 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.  

The latest UK tax tidbits features guidance across a wide range of areas in addition to details of its most recent performance reports on service levels for the quarter ended December 2025. Whistleblowing: prescribed person reports, Check for signs of outsourced labour payroll fraud, Complain about HMRC online services, Help with sharing group structure information — GfC17, HMRC issue briefing: operational activity following the new independent review of the Loan Charge, Employer Bulletin: February 2026, Inheritance Tax: foreign assets (IHT417), Check the recognised overseas pension schemes notification list, Appeals reviews and tribunals guidance, Recognised stock exchanges — designated countries, Corporation Tax: return of Income Tax on company payments (CT61), Plastic Packaging Tax: steps to take, The fit and proper test, Named tax avoidance schemes, promoters, enablers and suppliers, HMRC performance updates, HMRC performance update: October to December 2025, Check genuine HMRC contact that uses more than one communication method, Work out Inheritance Tax due on gifts, Class 1A National Insurance contributions on benefits in kind (CWG5), Collect and verify digital platform seller information, HMRC introduces GOV.UK One Login for new customers, HMRC standard for agents, Check if a text message you've received from HMRC is genuine, Changes and issues affecting the Corporation Tax online service, Get help to correct an employer PAYE bill, Check when you can expect a reply from HMRC, HMRC Trusts and Estates newsletters, HMRC email updates, videos and webinars for off-payroll working, Check if a QR code on a letter you've received from HMRC is genuine, and Check if a letter you’ve received from HMRC is genuine.

In this week’s cross-border trading corner, we bring you the latest guidance updates and publications. The most recent Trader Support Service bulletin is also available as is the latest Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. And finally, the House of Lords Northern Ireland Scrutiny Committee has published the Government’s response to its first report following its inquiry into strengthening Northern Ireland’s voice in the context of the Windsor Framework. Miscellaneous guidance updates and publications This week’s miscellaneous guidance updates and publications are as follows: Inverters with maximum power point tracking functionality (Tariff Notice 2), Remote internal temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service, Moving sheepmeat, poultry and beef to Northern Ireland from outside the UK and EU, External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service, Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service, How to claim a repayment of import duty and VAT if you've overpaid, Report incorrect Customs Duty or VAT on items imported by post (BOR286), Report a problem using the Customs Declaration Service, Notice to exporters 2026/03: director jailed for illegal export, and Transit newsletters — HMRC updates.

In this week’s detailed miscellaneous updates which you can read more about below, HMRC has published the latest Agent Update and HMRC has sent an update on its Corporation Tax return and payment reminder trial. In other news this week: The UK and India have signed a social security agreement to eliminate the potential for double social security for temporary workers, The Institute for Fiscal Studies has published From fiscal rules to fiscal traffic lights: rethinking the UK fiscal framework and How to fix the fiscal rules, HMRC’s latest newsletter for participants of the 2025 Making Tax Digital for income tax testing programme is available, The latest schedule of HMRC Talking Points live and recorded webinars for tax agents are available for booking. Spaces are limited, so take a look now and save your place, and finally, Check HMRC’s online services availability page for details of planned downtime and the online services affected. Agent Update: Issue 140 Get the latest guidance from HMRC if you're a tax agent or an adviser. The latest edition of HMRC’s Agent Update features the following: • closure of the service to file company accounts and tax return, • upcoming State Pension age changes–impact for individuals and payroll, • prepare for Vaping Products Duty registration from 1‌‌‌April‌‌‌2026, • submitting your clients’‌‌‌2026‌‌‌/27‌‌‌Annual Tax on Enveloped Dwellings returns, and • get ready for Making Tax Digital for Income Tax now. Update: Corporation Tax return and payment reminder trial Since July 2025 HMRC has been conducting a trial which involves not sending Corporation Tax return and payment reminder letters (CT208 PR1 and CT208 PR2) to approximately 5 percent of companies that have an authorised agent. The trial is testing whether or not removing the CT208 will impact companies supported by an agent. HMRC has now sent an update on that trial which we share below: “As part of HMRC’s efforts to improve its services to send and receive taxpayer information digitally, HMRC is continuing its trial of not sending Corporation Tax reminder letters (CT208) where customers and agents can access the same information via online services when they need it.  From March HMRC will begin the next phase of the trial of not sending CT208 reminders to a small population of customers who are without an agent. We will monitor the effect over six months and stop the trial if we see a negative impact on our customers or process. There are no changes to the Corporation Tax process itself. Companies will still receive a notice to deliver a Company Tax Return and access their HMRC online accounts. Agents can access HMRC's Corporation Tax for Agents online service to view liabilities and payments. Information on the Company Tax returns is available on GOV.UK where there is also guidance on the Corporation Tax accounting periods.   Previous copies of communications “Agent Update – published 21 August Changes to Corporation Tax reminders, statements and receipts HMRC will stop sending some paper non-statutory Corporation Tax letters where customers can access the information in their HMRC online accounts or GOV.UK guidance. Agents can access the information in HMRC's Corporation Tax for Agents online service. The Corporation Tax process is not changing. This is part of HMRC’s wider drive to help the environment and bring down costs by reducing its use of paper to communicate with customers. From September the following Corporation Tax letters will no longer be issued: CT205/A return reminder CT608 instalment payment reminder CT207 interest statement CT209 payment receipt From October we’ll also stop sending the CT603A agent list of issued notices to deliver Company Tax return (customers will still receive the CT603 notice to file). We’ll also trial no longer sending CT208 reminders before we stop sending them permanently. The trial runs from September until January 2025. We will monitor the effect and stop the trial if we see a negative impact on our customers or process. The letters to be trialled are: CT208 PR1 payment reminder CT208 PR2 return and payment reminder CT208A PR2 return and payment reminder agent copy.” “Changes to Corporation Tax reminders, statements and receipts – sent May 2025 As part of HMRC’s continuing efforts to improve its services to send and receive taxpayer information digitally, HMRC is no longer sending paper copies of some Corporation Tax (CT) letters where customers and agents can access the same information via online services when they need it.   From June, we’ll no longer automatically send the following non-statutory Corporation Tax letters: CT205/A return reminders for companies and agents  CT207 interest statement  CT209 payment receipt  CT603A agent list of issued notices to deliver Company Tax return   CT608 instalment payment reminder  We’ll also trial no longer sending Corporation Tax reminder letters (CT208) before we stop sending them permanently. The trial will initially stop sending reminders to a small population of customers with agents and, if successful, we’ll increase this and eventually include the CT208 reminders to customers. We will monitor the effect and stop the trial if we see a negative impact on our customers or process.  There are no changes to the Corporation Tax process itself. Companies will still receive a notice to deliver a Company Tax Return. Customers can also contact us by phone or post for any queries.   Companies can also access their HMRC online accounts and agents can access HMRC's Corporation Tax for Agents online service to view liabilities and payments. Information on the Company Tax returns is available on GOV.UK where there is also guidance on the Corporation Tax accounting periods.””

Last Monday the Institute met with representatives from the Northern Ireland Chamber of Commerce and the Confederation of British Industry Northern Ireland (NI) to discuss potential ways forward in our ongoing campaign to reduce the corporation tax rate in NI. The meeting was very informative and productive with each of the organisations agreeing that NI needs a coherent, long term industrial policy that attracts investment, creates secure, well paid jobs, and fosters innovation. There was also agreement on the end goal of reducing the corporation tax rate in NI. The key issues and Institute stance Research by the ESRI in 2021 'Enhancing Attractiveness of the Island of Ireland to High-Value Foreign Direct Investment' states that a reduction in the rate of corporate tax to 15 percent would yield an annual increase of 7.5 percent in high-value foreign direct investment in NI. The need for an up to date economic assessment of the impact of reducing the corporate tax rate on employment, earnings, and investment is therefore viewed as an important step in the current campaign. One of the main issues remains the potential impact on the block grant that NI receives every year. The Institute outlined various measures that could be availed of to overcome this issue, most notably the use of a low interest loan from Westminster to manage the initial drop in corporate tax revenue that would arise immediately after the rate reduction.  Our progress to date and next steps  The meeting was an important step in achieving a united approach across the business community in NI. Work will continue to garner cross-party consensus on reducing the corporate tax rate in NI which will be critical when the campaign is taken to Westminster. This point was highlighted during the Institute's recent appearance before the joint Economy and Finance Committees in Stormont last month. As outlined previously, in November 2025, the Institute wrote specifically to the Exchequer Secretary to the Treasury on this issue. In the letter, we highlighted that the ultimate aim of a lower rate is for it to become self-funding in the longer term, but that it would necessitate a replacement loan at a low interest rate from HM Treasury to fund the necessary block grant reduction. Last year the Institute published its position paper ‘Enhancing Our Competitiveness: The case for a reduced rate of corporation tax in Northern Ireland’ which launched its refreshed campaign for a lower rate.

Last week HMRC published guidance on mandatory tax adviser registration which will officially open for registrations from 18 May 2026. The guidance sets out the timetable for registrations and information on how to check if you meet HMRC’s conditions to register. Importantly, if an agent already has an agent services account (ASA), the agent will not need to register again. HMRC will subsequently contact the agent via its ASA when it needs more information in order to check that the agent meets certain conditions. The Institute has set out below important advice on what actions tax advisers need to take to get ready for these changes. Agents who do not have an ASA and who meet the conditions to register will need to register for an ASA from 18 May 2026, unless one of the following applies: if the agent already has a Self-Assessment or Corporation Tax account, registration is required from 18 August 2026, and if the agent only provides third-party payroll services on behalf of clients and does not interact with HMRC in any other way, registration is required from 18 November 2026. However, an agent will be able to use HMRC’s new online service, which will be available in the coming months, to register from 18 May 2026, even if not required to do so until a later date. What does mandatory tax adviser registration mean? Registration will be required for any ‘tax adviser’ who interacts with HMRC in relation to the tax affairs of their clients, irrespective of where the adviser or the client is in the world or where the services are provided from. The draft legislation defines ‘tax adviser’ as an organisation or individual who, in the course of a business carried on by them, assists other persons with their tax affairs. This is then defined broadly defined to include: Providing advice in relation to tax, Acting or purporting to act as an agent on behalf of the other person in relation to tax, or Providing assistance with any document that is likely to be relied on by HMRC to determine the other person’s tax position.  Who needs to register? Registration is required at firm level. However, certain registration conditions can still apply to individual staff members within the firm and individual officers of the firm (including partners, directors, and LLP members). If a tax adviser operates a sole trade, they will need to individually register in their own name. There are limited exceptions and exemptions to the requirement to register. For example, HMRC has already confirmed that those who provide pro-bono tax advice and ‘in-house’ tax advice in their own or their employer’s business are not within the scope of the regime. How will advisers register? HMRC has been allocated £36 million to develop a new dedicated online registration system which remains in development and is not yet available. Initial registration and maintenance of a tax adviser’s registration will be free and not subject to a charge. From recent discussions with HMRC about the new system, it seems that this will involve the existing agent identifying who their relevant individuals are, which will then require those individuals to provide permission for HMRC to share their personal data with their firm if this is related to the registration conditions. The agent will then need to confirm that their firm meets the registration conditions or explain if they do not. What information needs to be provided when registering? The exact registration requirements are awaited from HMRC. However, we do know that applications for registration will need to include: The name and address of the firm, The name of each ‘relevant individual’ in the firm (essentially, those individuals with responsibility for the tax work undertaken by the firm.  However, for some firms the definition may be wider than this as there are minimum numbers of ‘relevant individuals’ who must be named), A statement that each of the three registration conditions are met, or ifthese are not, there must be an explanation why, and Any other information as HMRC may specify in a notice (we are not yet aware what this may be as no such notice has yet been published). Essentially, the number of relevant individuals to be named depends on how many ‘officers’ (company directors, partners in partnerships, and members of LLPs etc.) a firm has.  Notably, the draft legislation in the Finance Bill does not cap the number of relevant individuals at five and the legislation sets out different requirements for firms with five or fewer officers and those with six or more. What happens after a registration application is made? HMRC will consider the tax adviser’s registration application and will then decide whether or not to approve it at which point the tax adviser will be notified of their decision. If rejected, this can be appealed to an independent tribunal, after a formal internal review has been completed. If the conditions for registration are met, HMRC must approve the registration. If they are not met solely because the firm or a relevant individual has an outstanding tax return or payment, HMRC can still approve the application if they consider it to be appropriate. These decisions will be based on pre-determined thresholds and circumstances, precise details of which are awaited. At present we are also not aware of the expected timescale for HMRC to respond to registration applications, despite setting out the importance of this in our consultation submission. The registration requirement provides HMRC with a range of monitoring and enforcement powers, and sanctions and penalties which can be imposed for non-compliance. The draft legislation also contains a range of safeguards, including appeal rights. HMRC will be able to suspend a tax adviser's registration in certain circumstances, including if their behaviour does not meet ‘expected standards’ (more detail on this is also awaited which we also highlighted as an area of concern in our consultation submission). What should tax advisers do now? Preparations should begin now. Tax advisers should act as soon as possible to: Familiarise themselves with the draft legislation and monitor this for any changes. This may necessitate appointing a specific team of individuals within the firm who will be responsible for implementing the legislation and ensuring it is complied with both at the time of registration and in the future, Identify who their relevant individuals are and how many individuals the rules require them to include in their application, Determine their registration timeline now as this information is available from HMRC, Audit, check, and document whether or not the firm and all relevant individuals will meet the registration conditions and take remedial action where necessary, and Ensure that the risk of suspension/prohibition, including the impact of this on their clients and how this would be managed, is built into the firm’s contingency planning.  

Last week the Institute wrote to Minister John O’Dowd and Dr. Caoimhe Archibald in Northern Ireland to highlight three key issues which arise for employers and employees dealing with cross-border and remote working issues on the island of Ireland. The letters follow on from similar letters sent last month to Ministers Simon Harris and Peter Burke in the Irish Government. All four letters set out how these issues are affecting employees and employers navigating the rules on cross-border and remote/hybrid working and how these are negatively impacting the all-island labour market and ultimately the economy on each part of the island. The ongoing work of the Institute’s Joint Working-Sub Group on Cross-Border and Remote/Hybrid working is highlighted in the letters. This work is continuing in 2026. Each letter highlights how embracing a more integrated approach to cross border working would offer the opportunity to drive growth, build a more stable future for the entire island, and improve outcomes for communities and citizens in both jurisdictions. Although there are numerous areas to address within the context of a conjoined economic approach, the all-island labour market and the trend of remote/hybrid working models could play a central role in driving productivity, mobility, and growth. Currently there are significant tax policy/administration and associated barriers which are preventing the market from realising its full potential. The three key issues identified by the Working Sub-Group since it was established in September 2024 are: The added administrative responsibilities for both employers and employees when a frontier worker works from home a few days a week. Each letter sets out a high-level summary of the administrative impacts in its appendices. In particular, these highlight how hybrid working requires dual payroll to be operated by the employer in accordance with the individual tax rules in each jurisdiction, The disparity in treatment of pension contributions and retirement income. For instance, employee pension contributions paid in one jurisdiction often qualify for tax relief in that jurisdiction but do not attract relief in the country of residence meaning employees in the same organisation are treated differently simply because of their country of residence, and The need for education, training and better guidance from government bodies and tax authorities on the implications and complexities which arise from these working arrangements.

Welcome to the latest edition of Technical Roundup.   In developments since the last edition, the Department of Enterprise, Tourism and Employment (DETE) has launched a public consultation regarding a new Green Growth Strategy. The Financial Reporting Council has issued amendments to FRS 102 to provide entities with an updated framework to use when adapting their balance sheet format.    Read more on these and other developments that may be of interest to members below.   Financial Reporting   As part of its Corporate Reporting Supervision activities, IAASA has published a paper summarising the outcomes of its 2025 financial reporting examinations.  The Financial Reporting Council (FRC) has issued amendments to FRS 102 to provide entities with an updated framework to use when adapting their balance sheet format. These amendments have been developed to maintain alignment with the presentation requirements of IFRS following the introduction of IFRS 18 Revenue from Contracts with Customers.  The FRC has issued a consultation regarding revisions to Technical Actuarial Standard 310. The revised standard is intended to come into force on 31 July 2026 with a deadline for comments of 23 March.   The European Union has published a Commission Regulation endorsing IFRS 18 ‘Presentation and Disclosures in Financial Statements. EFRAG has also updated its Endorsement Status Report to reflect this.  The UK Endorsement Board hosted a roundtable to seek stakeholder’s early feedback on the IASB’s Exposure Draft on Risk Mitigation Accounting. A summary of this roundtable is now available.  The International Accounting Standards Board (IASB) has launched a consultation which proposes targeted amendments to IAS 28 Investments in Associates and Joint Ventures. The proposed amendments are intended to clarify which investments a company is eligible to measure using the fair value option under IAS 28.  The IASB has released two new webcasts to assist SMEs in implementing the third edition of the IFRS for SMEs.  Overview of the revised Section 23 Revenue from Contracts with Customers — Requirements  Overview of the revised Section 23 Revenue from Contracts with Customers — Application guidance and transition  The IASB has also issued a podcast on the highlights of its January 2026 meeting highlights.  EFRAG has published its Draft Comment Letter on the IASB's Exposure Draft Risk Mitigation Accounting-Proposed amendments to IFRS 9 and IFRS 7  with a comment deadline of 22 June.  Auditing and Assurance   The International Auditing and Assurance Standards Board (IAASB) has published a summary of feedback from its global Technology Quality Management roundtables.    The FRC is consulting on a temporary amendment to its Third Country Auditor (TCA) policy.  Insolvency   The Institute is hosting three in-person sessions which will provide an introduction to the new Creditor Voluntary Liquidation workbook. The workbook has been produced to assist Liquidators in complying with legislative and SIP requirements when conducting statutory meetings, reporting to creditors and approval of remuneration.  The sessions will also cover compliance matters and will include potential issues and problems that can arise and how to avoid or best navigate these. It will also include some practical examples and a Q&A session.  The sessions are targeted at professionals taking on insolvency appointments and acting as Liquidator, and those training or working in the insolvency sector looking to gain expertise in this area.     Each of these three-hour sessions are free to attend and will take place on the following dates:  Tuesday, 3 March at 1pm  Cork Book Now    Wednesday, 4 March at 9am  Galway  Book now   Thursday, 5 March at 9am Dublin  Book now  Sustainability   The GRI has launched a new guide to help companies report on biodiversity.  Last December, following the publication of the draft simplified European Sustainability Reporting Standards, the European Commission invited the European Central Bank (ECB), the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) to comment on the draft standards. These opinions have recently been published. All four authorities welcomed the simplification of the standards. However, they have also outlined some concerns including identifying permanent reliefs which will reduce the availability of meaningful information and recommend that these are time-limited. Please see the opinions published by ECB, ESMA, EBA and EIOPA, all of which make for interesting reading.   Anti-money laundering  AMLA published a press release launching several public consultations regarding key mandates for the private sector and harmonised supervision. The consultations cover the following draft Regulatory Technical Standards (RTSs):  The draft RTS on Customer Due Diligence. The deadline for the consultation response is 8 May 2026.  The draft RTS on criteria for identifying business relationships, occasional and linked transactions and lower thresholds. The deadline for the consultation response is 8 May 2026.  The draft RTS on pecuniary sanctions, administrative measures and periodic penalty payments. The deadline for the consultation response is 9 March 2026.  AMLA also highlighted that it welcomes input regarding the above consultations from the non-financial sector and has published an explainer regarding the role of the non-financial sector for the new EU Anti-Money Laundering and Countering the Financing of Terrorism Framework.  The Financial Action Task Force (FATF) published an update following its February 2026 Plenary meeting in Mexico. The update included the addition of Kuwait and Papua New Guinea to the list of jurisdictions under increased monitoring (FATF's "grey list"). Members in the UK are reminded that changes to FATF’s list of jurisdictions under increased monitoring are directly applicable in the UK following HM Treasury’s advisory notice in October 2025.  FATF also provided an update regarding adoption of assessment reports for Austria, Italy, and Singapore under the new round of mutual evaluations. The FATF also approved new publications on cyber-enabled fraud and virtual assets to support countries to stay alert to evolving threats and harness technology to mitigate against risks.   In an interview published in the print edition of Italian financial daily ‘Il Sole 24 Ore’ on 17 February 2026, AMLA Chair Bruna Szego discussed the Authority's risk analysis model, its preparations for direct supervision starting in 2028, and how a single European framework will replace 27 different national approaches to anti-money laundering and counter-terrorist financing.  Central Bank of Ireland (CBI)  The CBI's Governor Gabriel Makhlouf published his latest blog outlining why the Governing Council decided to keep the main policy interest rate unchanged. The blog highlights areas including the Euro area inflation position, the Euro area economy and growth, and the risk outlook.   The CBI's Governor Gabriel Makhlouf provided details of the outlook for the macro-financial environment and financial services landscape and the CBI's regulatory and supervisory priorities for 2026 in a letter to the Tánaiste and Minister for Finance Simon Harris. The CBI also published a press release associated with the above letter highlighting the advice provided to the Government regarding building economic resilience in the face of unprecedented uncertainty.  The CBI's Deputy Governor Vasileios Madouros delivered a speech at Technological University Dublin (TU Dublin) focused on 'Enabling a decade of higher investment' highlighting that over the course of the next decade, there will be a need to allocate more collective resources towards domestic investment. Deputy Governor Madouros noted that looking ahead, like many other countries, Ireland is facing profound economic and societal shifts in years to come, and a common denominator in terms of how Ireland navigates these shifts is through increasing investment sustainably. The CBI also published a press release regarding this speech.  The CBI's Governor Gabriel Makhlouf delivered a speech to the Head of EU Missions regarding 'Reinforcing Resilience, Responding to Change: Priorities for the Year Ahead'.  The CBI's Governor Gabriel Makhlouf delivered a speech to the Blavatnik School of Government in Oxford regarding ‘Institutions, Anchors, and Their Discontents: The Role of Central Banks’. This keynote address outlined the critical role of central bank independence in delivering price stability and supporting economic prosperity for society.   Artificial Intelligence (AI)  Accountancy Europe (AE) recently organised an educational session in partnership with Scope Solutions titled ‘AI, the accountant’s new toolkit’. This session was designed to introduce accountants to the world of AI, explore industry-specific trends, and move beyond the hype, focusing on what accountants need to do today to evolve along with the accounting industry. For further information, a recording of this session is available on AE’s website.  The Government updated its national digital and AI strategy titled 'Digital Ireland - Connecting our People, Securing our Future'. The strategy sets out the Government’s ambition and vision to meet key objectives by 2030 and to ensure Ireland remains a digital leader in an increasingly competitive global environment. There are five strategic ambitions included in the strategy - Apply, Grow, Invest, Lead, and Empower, which reflect the agile approach needed to succeed in a fast-evolving digital world.  To support these ambitions, the strategy details 20 high-level objectives and 90 specific deliverables across many Government Departments and Agencies.  Cybersecurity   The European Union Agency for Cybersecurity (ENISA) published its revised International Strategy renewing the Agency’s approach to engagement with its international partners. It strengthens the alignment to the EU’s international cybersecurity policies, the promotion of EU values, and fortifies ENISA’s mission to achieve higher common level of cybersecurity across Europe. ENISA therefore seeks to strategically engage with its international partners outside of the EU working within its mandate.   The National Cyber Security Centre in Ireland published a blog covering 'Quantum Computing and the Risk to Encryption'.  The National Cyber Security Centre in the UK published a blog regarding 'Improving your response to vulnerability management' .  ENISA published the 'Cybersecurity Exercise Methodology', which is an end-to-end guide on how to plan, run, and evaluate a cybersecurity exercise. It has been developed to help support organisations with simulation and training and building resilience and agility in mitigating cyber risks.  The NIS Cooperation Group composed of EU Member States representatives, the European Commission, and the EU Agency for cybersecurity (ENISA), has adopted an EU ICT Supply Chain Security Toolbox. The toolbox will help Member States and public and private actors to bolster the security of ICT supply chains in the EU. The toolbox includes useful risk scenario examples and details of recommendations on how to strengthen the cybersecurity and resilience of ICT supply chains.  Digital Operational Resilience Act (DORA)  The CBI held a 'DORA Industry Briefing session' on Wednesday 4 February regarding the upcoming 2026 Register of Information (RoI) preparation and submission process. The CBI published the DORA briefing slides and the recording from this session on the DORA communications and publications section of its website. In addition, the CBI included additional updates on its Register of Information website regarding the RoI process.  Internal Audit  The Chartered Institute of Internal Auditors (IIA) in the UK and Ireland published an update regarding its ‘Risk in Focus 26/27 Report’ including the approach and timelines that will be used for Risk in Focus 26/27 Report during 2026. As in previous years, Chartered IIA in the UK and Ireland also plans to issue a survey to chief audit executives (CAEs) to gather insights for this report. It is planned to launch the survey on 2 March, and it will be open until the end of March.   The President of the Chartered IIA in the UK and Ireland published the latest ‘President’s Blog’ highlighting the importance of integrity in business, and the need for facts, evidence and a proportionate and effective response during internal audit work including the use of AI to interrogate data more effectively. The blog also highlights the launch of The IIA’s Global Audit Committee Center, which provides resources and thought leadership to help boards and audit committees strengthen internal audit oversight and drive governance excellence.  Data Protection  The European Data Protection Board (EDPB) and the European Data Protection Supervisor (EDPS) adopted a Joint Opinion on the Proposal for a Regulation as regards the simplification of the digital legislative framework (Digital Omnibus). The EDPB and EDPS joint opinion notes that there is support for simplification and competitiveness but also raised some additional points for consideration regarding items included in the Digital Omnibus that may adversely affect the level of protection enjoyed by individuals and may result in the creation of certain legal uncertainties.  The EDPB adopted its Work Programme for 2026 - 2027. Built on the four pillars of the EDPB strategy, the work programme focuses on 1) enhancing harmonisation and promoting compliance, 2) reinforcing a common enforcement culture and effective cooperation, 3) safeguarding data protection in the developing digital and cross-regulatory landscape, and 4) contributing to the global dialogue on data protection. The work programme also reaffirms the commitment of the EDPB to simplifying GDPR compliance for organisations, which includes the development of a series of ready-to-use templates for organisations.   The EDPB also adopted a report on its Coordinated Enforcement Framework (CEF) action on the right to be forgotten (Art.17 GDPR). EDPB selected this topic as it is one of the most frequently exercised data subject rights and has given rise to many complaints in European jurisdictions and results in a growing number of decisions from supervisory authorities. The report includes a list of recommendations for controllers and actions that supervisory authorities and the EDPB may consider for issues related to the right to erasure.  The UK's Information Commissioner's Office (ICO) published data protection complaints guidance explaining what organisations need to do to meet the new requirements to implement a data protection complaints process, as set out in the Data (Use and Access) Act. Although these requirements are not in force until 19 June 2026, the UK ICO is publishing this guidance now so that organisations are ready for these changes.   Other News  Charities in Northern Ireland are preparing for a new registration threshold which is coming into effect.     Charities with annual income of £20,000 or less, and  Assets of £100,000 or less  will not have to register or submit annual reports and accounts to the Commission.  The Department of Enterprise, Tourism and Employment (DETE) launched a public consultation regarding a new Green Growth Strategy. DETE is seeking the views of interested stakeholders to inform the development of a new Green Growth Strategy, which is linked to commitments in the Programme for Government 2025 - Securing Ireland’s Future.  Accountancy Europe has issued a publication and factsheet outlining the proposed changes to the Carbon Border Adjustment Mechanism (CBAM) by the European Commission.  Accountancy Europe has also published its February 2026 SME update.  IDA Ireland has recently published its IDA Ireland newsletter for February 2026.  The ECB published its latest Economic Bulletin (Issue 1, 2026) highlighting economic, financial, and monetary developments.  For further technical information and updates please visit the Technical Hub on the Institute website.            This information is provided as resources and information only and nothing in the information 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 information. 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 the information 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 herein.    

Ahead of the publication and launch of a new history on 19 March, authors Brenda Clerkin, Brid Murphy and Martin Quinn outline more than a century of the Irish accountancy profession’s work in the public interest and look towards its future. Introduction The amalgamation of the Institute of Chartered Accountants in Ireland (the Institute) and CPA Ireland in 2024 created a unified body to strengthen the accountancy profession’s voice and public interest role. CPA Ireland would have marked its centenary on 11 March 2026. In the spirit of this centenary and amalgamation, we were commissioned to write a history of the Irish profession since the Institute’s establishment in 1888. While prior histories have informed our efforts, we also offer updates and new insights. This article summarises our work, covering the changing nature of the accountant’s role, auditing, and technology – three pillars that have defined the profession’s trajectory over time. The expanding role of accountants When the Institute was formed in 1888, accountants’ work was largely confined to bookkeeping, insolvency, and some audit engagements. The Companies Act 1900 introduced a statutory requirement for all companies to appoint auditors, elevating the importance of audit and increasing this element of their work. The First World War broadened the profession’s remit. Accountants were instrumental in administering excess profits duty, with the Institute’s President, David Telford, in 1916 estimating that accountants prepared “80% or so of such returns”. Wartime conditions also accelerated the development of cost accounting, as governments curbed profiteering and ensured equitable pricing for war supplies. The brewer Guinness, for example, adapted its cost centre system to allocate war-related expenses (e.g. additional insurance costs of shipping to Great Britain), demonstrating the profession’s agility in responding to external shocks. More directly related to the war, prior histories of the Institute list 19 Irish accountants who died in active service. Our detailed research – made possible through digitised records of the Commonwealth War Graves Commission – has shown two were associated with the Institute of Chartered Accountants in England and Wales but worked for Craig Gardner in Dublin. All 19 were honoured at the Institute’s 1918 Annual General Meeting. The interwar years saw Irish accountants become more embedded in industrial enterprises, exemplified by the Electricity Supply Board (ESB). Under Chief Accountant Friedrich Weckler, ESB’s accounting systems evolved to reflect the growing complexity of the organisation. By 1943, ESB’s accounts spanned 21 pages (up from four pages in 1927) and disclosed assets of £18.1 million (about €940 million in 2025 values). The Second World War, or  ‘Emergency’ in Ireland, reinforced accountants’ role in public administration. Government debates reveal their involvement in price control and rationing, underscoring the profession’s contribution to economic resilience during a period of scarcity. Post-war recovery and industrial expansion in the 1950s and 1960s introduced new challenges. The Companies Act 1963 (Ireland) and the Companies Act (Northern Ireland) 1960 mandated group accounts and codified the ‘true and fair view’ standard, shifting accountants’ focus from mere compliance to professional judgement. Decimalisation in 1971 and accession to the European Economic Community (EEC) in 1973 further expanded the profession’s responsibilities, requiring system upgrades and acquiring proficiency in new taxation structures such as VAT and corporation tax. The late 20th century witnessed exponential growth in demand for accountants, driven by globalisation and foreign direct investment. From this boom, some weaknesses in regulatory oversight ultimately emerged, leading to the establishment of the Irish Auditing & Accounting Supervisory Authority (IAASA) in 2006 – the UK’s equivalent body, the Financial Reporting Council dates from 1990. The 21st century brought further challenges. The adoption of the euro currency in 2002 required systems reconfiguration, while the mandatory implementation of International Financial Reporting Standards (IFRS) for listed entities in 2005 represented a generational shift in financial reporting. The 2008 global financial crisis tested the robustness of these standards and intensified scrutiny of accountants’ role in safeguarding public trust. More recently, Brexit and the COVID-19 pandemic introduced new layers of uncertainty, compelling accountants to confront, amongst other things, regulatory divergence, remote working, and accelerated digital transformation. Auditing: from watchdog to strategic assurance Since 1888, auditing has evolved from a rudimentary check on ledgers to a sophisticated assurance function. In the 19th century, audit reports were perfunctory, often comprising a sentence affirming that accounts were “properly drawn up”. The Companies Act 1900 transformed this landscape by mandating independent audits for all companies and prohibiting directors from serving as auditors. Subsequent legislation, notably the Companies (Consolidation) Act 1908, strengthened auditors’ rights to access books and require explanations, embedding audit within the statutory framework.  The 20th century witnessed a steady professionalisation of audit practice. The ‘true and fair view’ requirement, first introduced by the UK Companies Act in 1948, and later incorporated in the Irish Companies Act 1963, elevated auditors’ responsibilities, demanding judgement beyond arithmetical accuracy. Influential publications such as Cooper’s Manual of Auditing (1966) codified best practice, emphasising system evaluation and internal controls over rote checking. Ireland’s accession to the EEC in 1973 further aligned audit standards with European norms, while the establishment of the Auditing Practices Committee in 1976 marked the beginning of formal standard-setting in the UK and Ireland. By the 1980s, auditing standards were consolidated under Statements of Auditing Standards (SASs), and the scope of audit extended to governance and risk management. The Cadbury Report (1992) and subsequent corporate governance codes reinforced auditors’ role in safeguarding stakeholder interests. The introduction of audit exemptions for small companies in 1995 (Northern Ireland) and 1999 (Ireland), while reducing compliance burdens, reshaped the audit market and prompted smaller practices to diversify into advisory services. The 21st century has seen auditing become increasingly regulated and internationally harmonised. IAASA now serves as Ireland’s competent authority for public-interest entity audits, with powers to inspect, sanction, and enforce compliance. EU Directives have introduced mandatory audit firm rotation and restrictions on non-audit services, while global convergence around International Standards on Auditing (ISAs) has enhanced comparability. Yet some post-Brexit divergences between UK and Irish ISAs illustrate the persistent tension between harmonisation and national autonomy. Audit reporting has also expanded dramatically. Contemporary audit reports for listed companies routinely exceed eight pages, incorporating key audit matters and disclosures on sustainability, governance, and risk. The advent of the EU Corporate Sustainability Reporting Directive (CSRD) signals a future where auditors will assure not only financial statements but also environmental and social metrics, reinforcing their role as guardians of trust in an era of heightened stakeholder scrutiny. Technology: from ledgers to artificial intelligence Technological innovation has been a key transformative force in accountancy. The journey from mechanical calculators to cloud-based platforms illustrates a profession experiencing perpetual change. As an example of early technology use in accounting in Ireland, in the 1930s firms such as Guinness pioneered the use of accounting machines (typewriters with mathematical functions), reducing clerical labour and accelerating ledger preparation. By the 1950s, electromechanical devices and punched-card systems enabled large-scale data processing, exemplified by the Irish Sugar Company’s adoption of the ICT1201 computer to manage complex contra transactions with thousands of farmers. The 1960s was the era of mainframe computing, with organisations such as the ESB and Aer Lingus deploying IBM systems for billing and reservations. These developments demanded new skills from accountants, who were required to understand data structures and machine logic alongside traditional bookkeeping. The 1970s saw the advent of minicomputers and, later, microcomputers, democratising access to computing power and paving the way for personal computers in the 1980s. Software packages such as Sage and TAS Books revolutionised small business accounting, while spreadsheets became ubiquitous tools for analysis and reporting. The 1990s introduced enterprise resource planning (ERP) systems, integrating accounting with broader business processes. The proliferation of email and broadband facilitated real-time communication and remote collaboration, while the euro conversion and Y2K compliance projects underscored the profession’s reliance on technology. The 2000s witnessed the rise of cloud computing, enabling scalable, secure, and collaborative accounting solutions. Data analytics emerged as a core competency, allowing accountants to extract insights from vast datasets and support strategic decision-making. Today, artificial intelligence (AI) and blockchain represent the frontier of technological change. AI-powered tools perform complex tasks such as anomaly detection, predictive forecasting, and natural language processing, augmenting accountants’ analytical capabilities. Blockchain offers immutable transaction records, reducing reconciliation and enhancing transparency. These innovations are reshaping audit methodologies, enabling continuous auditing and full-population testing. However, they also introduce ethical and governance challenges, requiring accountants to act as ‘sense-checkers’ of algorithmic outputs and custodians of data integrity. Education has evolved in tandem, with professional syllabi now including modules on AI, data analytics, cybersecurity, and sustainability reporting, and continuing professional development emphasising digital fluency and ethical oversight.  Looking to the future Reflecting on over a century of history can help us as a profession plan for the future. While the business environment is volatile and uncertain, and faces challenges – sustainability imperatives, rising costs, rapid technological change and talent challenges – history has shown the Irish profession be to adaptable, resilient and exhibiting trusted leadership. The profession has survived through political and economic shifts, war and conflict and financial crises. This resilience can endure and ensure profession continues to serve the public interest as it has done in the past.  Important Work: A History of Irish Chartered & Certified Public Accountants by Brenda Clerkin, Bríd Murphy and Martin Quinn is published on 19 March, when it will be launched at a special commemorative event at Chartered Accountants House, to which all members are invited.

Today is the deadline for you to share your thoughts and feed into our response to the Call for Evidence on tax supports for entrepreneurs which was launched at the 2025 Autumn Budget and is open until 28 February 2026. This call for evidence is focused on how UK tax policy can better support investment in innovative high growth companies. Contact us by email before close of business today  Monday 16 February 2026. According to the Call for Evidence, a shortfall in domestic scale-up capital is causing some of the UK’s most innovative companies and founders to move abroad. To address the issue, views are sought on:  how effective existing tax supports are, any gaps in the tax system for founders and scaling companies, and options and ideas to improve, rebalance, and better target current supports that would allow the Government to fill these gaps where needed.  A number of changes were made to several of the UK’s tax advantaged venture capital schemes in the 2025 Autumn Budget which aim to enable larger and more established companies to continue to qualify to use the schemes. However, the Call for Evidence notes that these changes “take the existing schemes as far as possible within their current design”. As a result, the Government is keen to consider how it could provide more targeted and effective support which also represents good value for money for the taxpayer.   

HMRC has sent information on how winter fuel payments (or pension age winter heating payments in Scotland) will be recovered for taxpayers from 2025/26 onwards.  Recovery of 2025 winter fuel payments  If a taxpayer’s total individual income for 2025/26 is more than £35,000, HMRC recover their 2025 winter fuel payment. If the taxpayer lives in a household with someone else who has also received a payment, HMRC will examine each person’s individual income separately. For example, if person A has total income of £36,000 and person B’s is £22,000, HMRC will claw back the payment from person A, but person B will keep their payment.   HMRC has also provided a calculator to help taxpayers work out if their total income is over £35,000. The calculator also explains how the payment will be recovered if it is. Recovery for PAYE taxpayers  HMRC will automatically collect the payment through a change to the taxpayer’s tax code from April 2026 unless they already file a SA tax return. As a result HMRC will change the taxpayer’s tax code to deduct approximately £17 per month.  These taxpayers do not need to do anything or call HMRC.  In February 2026 taxpayers may receive a notification of their tax code for 2026/2027 which will not yet include the adjustment for their winter payment. They do not need to take any action or call HMRC and should receive an updated tax code, which reflects recovery of their winter fuel payment, in early April 2026.   Recovery for SA taxpayers  HMRC will collect their payment through their 2025/26 SA return. For online filers, where possible HMRC will prepopulate their online SA return which is due by 31 January 2027 with the 2025 payment. Taxpayers should check that their winter fuel payment has been included and if it has not been included they must add it themselves. Anyone filing on paper by 31 October 2026 will need to include it themselves. Opting out of future payments  Anyone who expects their total individual income from their private pension, state pension, and any other sources to be over £35,000 can opt out of future payments. Taxpayers in England, Wales and Northern Ireland will be able to opt out of receiving future winter payments via  an online form on GOV.UK which will be available from April 2026. Anyone in Scotland should contact Social Security Scotland by phone if they want to opt out for future years.  In-year collection from 2027/28 HMRC will begin collecting the payment in the tax year starting from 2027/28. This means that the 2026 winter fuel payment will not be collected until 2027/28. As a result in 2027/28, two amounts of winter fuel payment will be collected (the payments for 2026 and 2027) therefore PAYE taxpayers who receive winter fuel payments will see approximately £33 per month deducted, up from £17 a month.  From 2028/2029, the PAYE system will collect the winter fuel payment for winter 2028 during the tax year it is paid in, which means this will return to a monthly deduction of approximately £17.  HMRC has included this information in guidance and will also incorporate this in communications activity ahead of 2027/28.  Information and guidance An explainer video outlining how payments will be recovered is available on HMRC’s YouTube channel. Further information on HMRC’s recovery approach can also be found on GOV.UK.  General information is also available at the following links: www.gov.uk/winter-fuel-payment, and www.mygov.scot/pension-age-winter-heating-payment. 

In this week’s detailed miscellaneous updates which you can read more about below, the UK’s draft legislation on the carbon border adjustment mechanism is open for consultation and a new HMRC research opportunity is seeking the assistance of tax agents and intermediaries who regularly interact with HMRC systems to design and develop HMRC services. In other news this week: The guidance on how to complain about HMRC or the Valuation Office Agency to the Adjudicator’s Office has been updated, The Institute for Fiscal Studies has published ‘Tax and disability in the UK: review of trusts and other savings options’, and A recorded HMRC webinar about the transfer of assets abroad: the motive defence is available to view. This webinar is aimed at agents who have a reasonable knowledge of the transfer of assets abroad legislation but who want more information on the exemptions. The recording gives an overview of the exemptions, known as the ‘motive defence’, and information on HMRC’s approach to these. Carbon border adjustment mechanism draft legislation The Government has now published the draft secondary legislation on the UK’s carbon border adjustment mechanism (CBAM)  for technical consultation, together with supporting notices which have force of law. This technical consultation seeks to ensure that the primary legislation delivers the policy correctly and effectively and is not therefore a further consultation on the policy design.  The consultation invites views from interested parties, including importers and their agents, other businesses, individuals, tax advisors, and trade and professional bodies. Feedback on the draft secondary legislation should be emailed to cbampolicyteam@hmrc.gov.uk before midnight on 24 March 2026 using the subject line ‘CBAM technical consultation response’ and clearly referencing the relevant parts of the legislation.  In addition to the draft secondary legislation and notices, the Government has also published a CBAM policy summary which provides an overview of the CBAM in order to provide clarity for businesses who will be impacted.  The Government has reiterated its commitment to working closely with all interested stakeholders as we progress towards implementation from 1 January 2027.  If you would like to learn more about the UK’s CBAM legislation, you can register for a webinar in early March which is being delivered by UK CBAM policy officials and which will provide an opportunity for questions. Details of the webinars are as follows: Session title Date Time Sign up link CBAM draft secondary legislation overview 3 March 2026 9:00 –10:30 (GMT) Sign up here. CBAM draft secondary legislation overview 3 March 2026 15:00 – 16:30 (GMT) Sign up here. CBAM draft secondary legislation overview: carbon price relief deep dive 5 March 2026 9:00 – 10:30(GMT) Sign up here. CBAM draft secondary legislation overview: carbon price relief deep dive 5 March 2026 15:00 – 16:30 (GMT) Sign up here. Agent research opportunity GOV.UK One Login is a new centralised sign-in system for government services. Over time it will replace all other sign in routes including Government Gateway. HMRC has started the process of moving individual taxpayers to One Login. This will follow with the move to One Login for all taxpayers, which will also include agents and intermediaries.  As part of this move HMRC is preparing for a series of research activities to gather insights from tax agents on sign-up/sign-in, credential management, and upcoming changes related to One Login. HMRC is looking to speak with tax agents and intermediaries who regularly interact with HMRC systems. Your input will directly influence the design and development of future HMRC services, helping HMRC create solutions that work for you and your clients. If you are interested in taking part contact HMRC by email before 18 February 2026 for more information or to sign up.

In this week’s cross-border trading corner, we bring you the latest guidance updates and publications. The most recent Trader Support Service bulletin is also available as is the latest Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. You can also read an email from the APHA Borders Directorate Communications Team about the frequency rates for physical checks on certain goods entering the EU. Miscellaneous guidance updates and publications This week’s miscellaneous guidance updates and publications are as follows: NATO form 302 and customs procedures for military movements in and out of the UK, UK armed forces declaration process and associated customs procedures for military freight movements into and out of the UK, Making an indirect export from Northern Ireland, External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service, Apply to use simplified declarations for imports you entered in your records without authorisation, Safety and security declarations, Safety and security import requirements: entry summary declarations, Report a problem using the Customs Declaration Service, and HMRC email updates, videos and webinars about importing and exporting.  

At the informal EU summit in Limburg yesterday, the proposed EU Savings and Investments Union (SIU) moved firmly to the centre of the competitiveness debate. Taoiseach Micheál Martin confirmed that Ireland is “ready to progress” the initiative, describing the Government’s position as “more positive now”, while recognising sensitivities around supervisory integration and Ireland’s financial services sector.  A reported €11 trillion EU household savings remain on deposit rather than invested in productive enterprise. In Ireland, an estimated €170 billion sits in domestic deposits rather than invested in business to support innovation, SMEs and long-term growth.  We have written to the Minister for Finance to discuss the considerable opportunities that the activation of these household deposits represents for the Irish economy.  Chartered Accountants Ireland has consistently engaged in this space on members’ behalf: In our response to the Ireland for Finance 2026–2030 strategy consultation, we called for full implementation of the Funds Sector 2030 Review recommendations to strengthen Ireland’s investment ecosystem and enhance retail participation in capital markets. We emphasised the need for a competitive, modernised tax framework that supports long‑term saving and investment. Specifically, we advocated for the introduction of a personal investment savings scheme for Ireland. Such a scheme would deepen domestic capital markets, encourage greater retail participation, and create a more sustainable investor base for Irish SMEs and listed companies. On Budget Day, we were disappointed at the absence of progress on ETF deemed disposal reform, noting that meaningful capital‑market development requires coherent and aligned tax policy. In our recent submission on Ireland’s priorities for its upcoming EU Presidency, we further emphasised the importance of progressing the EU Savings and Investments Union agenda – positioning Ireland to lead constructively on capital markets reform while ensuring domestic measures support that ambition. Last week we launched our 2026 Investment Tax Guide in partnership with Goodbody. At the webinar launch the panel discussed the landscape of investment taxation in Ireland including the Government’s renewed focus on encouraging retail investment – the commitments arising from the Funds Sector Review and the anticipated roadmap for simplifying Ireland’s complex retail investment tax framework. The panel also outlined how proposals such as removing the 8‑year deemed disposal rule on funds could support long‑term savers. For any members who missed the webinar, you can watch it back here.   Savings and investments reform will form a core pillar of our pre‑Budget 2027 campaign and we look forward to updating members on this in the coming weeks and months.

Chartered Accountants Ireland congratulate the winners of 2020 Good Governance Awards, which took place last night, 19th November 2020, with over 220 online attendees. Chartered Accountants Ireland were delighted to partner with The Carmichael Centre and support this annual highlight for the Charity and non-profit sector in Ireland. 2020 winners are: Category 1 (volunteer only organisations with an annual turnover <€50k): Serve the City Category 2 (volunteer only organisations with an annual turnover between €50k and €250k): Sharing Point Category 3 (organisations with an annual turnover between €250k and €1m): Children’s Rights Alliance Category 4 (organisations with an annual turnover between €1m and €5m): BeLonG to Youth Services Category 5(organisations with an annual turnover between €5m and €15m): LauraLynn Ireland’s Children’s Hospice Category 6 (organisations with an annual turnover >€15m): Concern Worldwide Governance Improvement Initiative Award: NiteLine Dublin, Proudly Made in Africa, Canoeing Ireland, The Jack and Jill Childrens’ Foundation, and Royal College of Physicians of Ireland. Congratulations to all organisations that were shortlisted. As part of the mission to encourage and promote good practice in the area of annual reports and others areas of governance feedback is provided to all entrants. In addition, overall observations of what organisations did very well and areas for improvement is shared.

The Financial Reporting Council (FRC) has updated its Guidance on the Strategic Report. The Guidance, which was first published in 2014, is designed to help UK entities meet their reporting requirements to prepare a Strategic Report under the Companies Act 2006. As well as companies, the Guidance is also relevant to other entities such as limited liability partnerships and qualifying partnerships that are required to prepare a strategic report. The updated guidance supersedes the previous edition of the guidance issued in June 2022 and incorporates the following; Various changes in the corporate reporting framework including the Corporate Governance Code 2024, the Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024, the Companies Directors’ Report (Payment Reporting) Regulations 2025 and other developments in sustainability-related and wider corporate reporting practice Changes which emphasise the status of the guidance. Mandatory requirements are clearly indicated and distinguished from good practice guidance in the updated document Updates which emphasise the purpose and objectives of reporting and communication principles Structural improvements to the Guidance which should make it easier to navigate and more accessible. Sections are now ordered by general principle instead of by entity type The scoping tables are now published as a separate document  

The latest Finance Bill, which is officially titled Finance (No. 2) Bill 2024-26, continues its progress through the parliamentary process. The Bill will eventually become Finance Act 2026. Last week the Bill completed Committee Stage on 6 February and is now at Report Stage, the final stage where amendments can be made. Report Stage, the date for which has not yet been set, will be followed by Third Reading in the House of Commons before the Bill moves on to the House of Lords. At Public Bill Committee stage, a range of amendments were made to the Bill details of which are set out in a policy paper published last month. The amendments to the Bill to increase the £1 million allowance for agricultural property relief and business property relief to £2.5 million were previously debated and agreed during the Committee of the Whole House debates which took place on 12 and 13 January 2026.

Last week we highlighted that the 2025 Autumn Budget launched a Call for Evidence on tax supports for entrepreneurs to which the Institute will be responding. This is focused on how UK tax policy can better support investment in innovative high growth companies. There’s still time to share your views on this issue. Contact us by email before close of business on Monday 16 February 2026 to participate. In the Call for Evidence, which is open until 28 February 2026, the Government’s view is that a shortfall in domestic scale-up capital is causing some of the UK’s most innovative companies and founders to move abroad. To address the issue, views are sought on: how effective existing tax supports are, any gaps in the tax system for founders and scaling companies, and options and ideas to improve, rebalance, and better target current supports that would allow the Government to fill these gaps where needed.  A number of changes were made to several of the UK’s tax advantaged venture capital schemes in the 2025 Autumn Budget which aim to enable larger and more established companies to continue to qualify to use the schemes. However, the Call for Evidence notes that these changes “take the existing schemes as far as possible within their current design”. As a result, the government is keen to consider how it could provide more targeted and effective support which also represents good value for money for the taxpayer.   

HMRC is seeking expressions of interest from agents who would like to contribute to the development of a journey that accurately reflects the key challenges they face when supporting clients through VAT and Self-Assessment setup. This work will be focused on the early stages of the journey; i.e. awareness, education, and registration. By actively engaging with agents, HMRC’s aim is to ensure the journey is a true and accurate representation of real taxpayer and agent experiences. Although HMRC recognises that agents already provide valuable feedback via various channels, this particular initiative offers an additional opportunity to collaborate with HMRC to identify process improvements and enhance the overall taxpayer experience. Any agent wishing to express an interest in participating should email customerengagementforums@hmrc.gov.uk  by 17 February 2026.