In a speech to the House of Commons last week, the Chancellor of the Exchequer Rachel Reeves announced the UK Government’s long awaited economic response to the war in Iran which includes a range of temporary supports to help families and businesses with the cost of living. The speech included the announcement of the following tax measures:a UK wide scheme will run from 25 June 2026 to 1 September 2026 which will include targeted cuts to agri-food tariffs and a temporary cut in the rate of VAT on summer attractions from 20 percent to 5 percent over the summer holidays,the 5p fuel duty cut is being extended until 31 December 2026. Therefore the planned increases announced in last Autumn’s budget that were scheduled to take place on 1 September and 1 December 2026 will no longer go ahead. The main rate of fuel duty will remain at 52.95p per litre, the duty rate on red diesel will be cut from 10.18p per litre to 6.48p per litre from 15 June until 31 December 2026,over the next 12 months, when hauliers renew their Heavy Goods Vehicle vehicle excise duty, they will pay £1 only, and increases are being made to Approved Mileage Allowance Payments, Mileage Allowance Relief and self-employed mileage. These are being backdated to 6 April 2026. The Government also published a policy paper last week making changes to the taxation of UK tax resident companies who conduct part of their business through foreign permanent establishments (PE).For most companies, it will be mandatory for profits and losses attributable to a foreign PE to be exempt from UK tax for accounting periods beginning on or after 1 January 2027. For those companies conducting oil and gas extraction and exploration through foreign PEs, this measure will apply from 1 September 2026.The changes essentially will make the existing foreign branch exemption election mandatory and whilst this will be of benefit to, for example, companies with profitable Irish PEs, those with Irish loss-making PEs who have not elected will lose the additional corporation tax benefit provided by these losses against their UK profits.

The capital gains tax (CGT) guidance on the requests for clearance on the disposal of land and buildings by non-residents has recently been updated by Revenue, adding additional clarifications and the removal of the words ‘specified assets’ from the guidance title.The guidance now clarifies that a clearance request must be submitted in circumstances where the property had been rented during the period of ownership, notwithstanding that no chargeable gain arises. In cases where there is not a requirement to submit a clearance request to Revenue, the vendor is required to provide the solicitor with written confirmation that the property has not been rented during the period of ownership. Section 2.2.1 has been updated to reflect section 1042(1) TCA 1997, which provides that a non-resident individual disposing of specified assets is liable to pay a capital gains tax liability by the later of three months after the date of disposal, or two months after the date the assessment issues. Section 959AE(1) sets out the circumstances in which Revenue can make an assessment before the return filing date, which includes cases where tax is due on the disposal of specified assets by a non-resident vendor.

Last week the Tax Appeals Commission (TAC) published its annual report for 2025 providing an overview of the tax appeals process last year. During 2025, 1,286 appeals were closed with a value of €605 million and for the seventh year in row, the TAC closed more appeals than it received. Of the appeals closed, 464 were settled, 346 were withdrawn by the appellant and 222 were dismissed or refused.The TAC issued 216 determinations in 2025 affecting 239 appeals with a value of €32 million which is a 20 percent increase in the number issued compared to the previous year. In 2025, the TAC scheduled 237 hearings and issued 216 determinations and 74 decisions.As in 2024, income tax remained the tax most frequently appealed in 2025, arising in 40 percent of appeals received. VAT, VRT and CGT tax disputes made up a further 39 percent of the appeals on hand.During 2025 the Appeal Commissioners signed 17 cases stated pursuant to section 949AQ TCA 1997 to enable determinations to be appealed to the High Court. Of the 17 cases stated, 14 were requested by appellants and three by the Revenue Commissioners.  In addition, two requests for cases stated were withdrawn by the applicants.

Members of the FISC Subcommittee will travel to Brazil from 26 to 28 May 2026 to meet with senior political and institutional counterparts. Talks will focus on OECD/G20 tax reform, including Pillar II and the global minimum tax, digital taxation where no clear permanent establishment exists, and the taxation of ultra-high-net-worth individuals, as well as Brazil's role in G20 tax discussions.

At the December 2025 meeting of the Northern Ireland Tax Committee, Janette Burns stepped down as Chair having also been a Committee Member for over 8 years. The Institute and the remaining Committee members wish to express their gratitude and thanks to Janette for her dedication and expertise over the years. The newly appointed Committee Chair is Eunan Ferguson, KPMG Belfast, who has been a Committee Member since 2018. Eunan has also taken up the joint Chair’s role, shared with Enda Faughnan, of the Institute’s Working Sub-Group on Cross-border and Remote/Hybrid working. In a recent article in Accountancy Ireland’s May 2026 edition of tax.point, the Institute’s bi-monthly digital journal for tax professionals prepared by Chartered Accountants Ireland’s Tax Team, Eunan reflects on leading through change through the UK tax lens, and how the work of each of the Committees that he chairs reflects this ethos. Eunan reflects on two ongoing and key workstreams; cross-border and remote/hybrid working on the island of Ireland and the campaign to progress corporation tax devolution in Northern Ireland. He also calls on members to lend their voice to his strategy of leading through change via the UK tax lens. Readers can access the content in tax.point on the Accountancy Ireland website and app.The breadth of work that each Committee is involved in, which will continue under Eunan’s tenure, is wide-ranging. From liaising with HMRC at the highest level across numerous stakeholder forums, to delivering evidence to the House of Lords, campaigning to devolve corporation tax to the NI Assembly, and promoting tax simplification, work continues to be delivered at the topmost level for members.As a Fellow of Chartered Accountants Ireland, and a member of the Chartered Institute of Taxation, Eunan has more than 20 years’ experience advising on employment taxes, reward, expatriate tax matters, and personal and corporate tax issues across a wide range of both domestic and multinational clients. Should you wish to get in touch with Eunan or the Committee, email tax@charteredaccountants.ie.

The Financial Reporting Council (FRC) has concluded its annual review of FRS 101 and has issued ’Amendments to FRS 101 Reduced Disclosure Framework – 2025/26 cycle’FRS 101 sets out an optional reduced disclosure framework that is available for the individual financial statements of subsidiaries and ultimate parents that otherwise apply the recognition, measurement and disclosure requirements of adopted IFRS. The standard is intended to enable cost effective financial reporting within groups to reduce reporting burdens, particularly for those applying IFRS Accounting Standards in their consolidated financial statements. Each year, the FRC carry out a review of the standard to decide whether FRS 101 should provide exemptions from new IFRS disclosure requirements or whether other consequential amendments are required.In this review, the FRC decided that no amendments were necessary in respect of the new IASB pronouncements Contracts Referencing Nature-dependent Electricity—Amendments to IFRS 9 and IFRS 7 and Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures. The Basis for Conclusions has been updated to explain this.In addition, some minor drafting improvements have also been made to the standard.In 2025, Chartered Accountants Ireland responded to the FRC’s exposure Draft “FRED 88 FRS 101 Reduced Disclosure Framework- 2025/26 cycle”, which set out the proposed changes. The institute noted its agreement with these proposed changes.

Chartered Accountants Ireland has recently responded to a joint stakeholder survey by the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) on their proposed strategy and work programme for the period 2028–2031. Responding to international consultations and stakeholder engagement is a key means for the Institute to influence the development of global standards that ultimately shape professional obligations and day‑to‑day professional work in Ireland, UK, and internationally. We have consulted with our members in forming this response and it draws directly on member experience, allowing us to advocate for standards that are robust, proportionate and workable in practice.Why this representation matters to membersThe IAASB and IESBA set the international audit and ethics standards that underpin trust in corporate reporting and the work of professional accountants worldwide. Their mission, which we support, is to serve the public interest by developing high‑quality, globally operable standards that enhance confidence in information and support well‑functioning markets. Their priorities directly affect how Chartered Accountants apply professional judgement, deliver audit and assurance services, and uphold ethical standards across all sectors – whether in practice, business or the public sector. It is important that Chartered Accountants Ireland contributes to outreaches such as these, both to represent the experience, expertise, and insight of members. By doing so we support standard setters to ensure that standards remain practical, proportionate and scalable, and capable of being applied consistently across organisations and jurisdictions.Engagement in this process ultimately supports the development of standards that reinforce trust, deliver high-quality outcomes, and work effectively for all stakeholders in the public interest. Chartered Accountants Ireland also collaborates with other professional bodies under the auspices of, for example; the International Federation of Accountants (IFAC), Global Accounting Alliance, Accountancy Europe, or Chartered Accountants Worldwide to represent our members views and inform global policy positions on standard developments.Decisions taken by these standard setters influence how ethical principles are interpreted, how audit and assurance engagements are undertaken, how professional judgement is exercised and how accountability is demonstrated.Our core message: focus on making standards workOver recent years, there has been significant expansion in ethics, audit, sustainability reporting and quality management requirements. While many changes were necessary, their cumulative effect has been increased complexity and implementation burden.Our position is that the next strategy period for IESBA and IAASB should focus less on adding new layers and more on ensuring existing standards operate effectively. This means:reaffirming a principles‑based approach that supports professional judgement and works across different legal and regulatory systems;prioritising post‑implementation reviews to assess how standards work in practice and whether they are delivering better outcomes; focusing on implementation, consistency and real-world effectiveness to help ensure standards work as intended and strengthen confidence in their effectiveness; andusing practical, application‑focused guidance, particularly in fast‑moving areas such as technology or sustainability, rather than defaulting to new standards. Global coherence and member relevanceThe Institute also highlighted in its response the growing risk of fragmentation. Differences in adoption, definitions and interpretation across jurisdictions increase costs, reduce comparability and undermine confidence in global standards. Greater coordination between IAASB and IESBA, and better alignment with other international standard setters, is essential to maintaining coherence.For members in business, this matters directly. The Code of Ethics forms provides a foundation for leadership, governance, decision‑making and public trust across organisations. Clear, scalable and stable frameworks help members meet their ethical responsibilities with confidence, particularly in complex or evolving environments.Our position reflects a concern shared by many members that the increasing weight of regulation and standards will present challenges to the attractiveness and sustainability of the profession. Clear and proportionate standards support the profession in its role as a business leader.  Influencing standards in the public interestBy responding to consultations and making representations such as this, Chartered Accountants Ireland is helping to shape global standards in a way that supports quality, trust and professional sustainability. Member input is critical to this process and remains key to ensuring that international standards reflect real‑world experience while continuing to serve the public interest. READ INSTITUTE’s RESPONSE TO THE JOINT IAASB and IESBA SURVEY ON STRATEGIC PRIORITIES FOR 2028-2031 HERE

In UK news this week, Mandatory Tax Adviser registration has now commenced, and HMRC has asked us to share an update regarding 2024/25 Self‑Assessment notices to file linked to savings income. In Irish news Revenue has released new guidance on the treatment of second-hand vehicles entering the State and last week’s Finance Bill legislates for the recently announced fuel support measures. In International news, the European Parliament will host a public hearing on the VAT Reverse Charge Mechanism.UK1. Mandatory Tax Adviser Registration formally commenced earlier this week, and the Institute has now launched its MTAR hub to support members in meeting their obligations.2. HMRC has advised that some taxpayers receiving 2024/25 Self‑Assessment notices to file, may also have received multiple or conflicting letters. The update to us from HMRC sets out the key actions to be taken by impacted taxpayers.Ireland3. Revenue has published guidance on the VAT and Customs treatment of second-hand vehicles coming into Ireland. 4. Finance Act 2026 legislates for the fuel support measures announced by Government in April.International5. Read about the public hearing to be hosted by the European Parliament on the VAT Reverse Charge Mechanism.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. You can also read this week’s Cross-border developments and trading corner.  

As Chartered Accountants Ireland surpasses 40,000 members, it has today published a new position paper on the future of AI and accountancy. The largest professional body on the island of Ireland is calling on Government to invest in AI-ready infrastructure, strengthen supports for SME adoption and embed AI skills and literacy across the education system. The position paper was launched today alongside Deputy Malcolm Byrne T.D., Chair of the Oireachtas Committee on Artificial Intelligence.  Accountants as trusted advisors  The paper argues that in an AI-driven economy, accountants will play an increasingly important role as trusted business leaders providing governance, ethical oversight and assurance. While the paper acknowledges that AI will bring change to how the profession operates, it reinforces - rather than diminishes - the role accountants play in supporting robust, accountable decision-making.   The Institute also challenges the narrative that accountants are at risk of being replaced by AI, highlighting instead how the profession is evolving alongside the technology. It emphasises that accountants must take a leading role in implementing AI within finance functions, ensuring systems are deployed responsibly, controls are robust, and outputs can be trusted. Rosemary Keogh, CEO, Chartered Accountants Ireland said  “There is a common belief that AI will replace accountants, but the evidence simply doesn’t support that. It reflects a misunderstanding of what modern accountants actually do. AI is automating routine, rules-based work and most accountants welcome that. It frees them up to focus on higher-value roles like strategy, risk and decision making.   “The AI economy will run on trust. While AI can process extraordinary volumes of data, automate complex tasks, and generate insights at unprecedented speed, trust in those outputs depends on human oversight, ethical judgement and professional accountability. As AI systems become more widely used, the need for trusted financial information will only grow – and this is where accountants add real value.” Accountants are already using AI across audit, reporting and advisory services, with recent research by Chartered Accountants Worldwide pointing to strong enthusiasm across the profession. 85% of respondents indicated a willingness to use AI tools in their work, with the younger generation overwhelmingly open to using these tools at 91%. The new position paper aims to provide leadership and clarity on how accountants can use the technology responsibly and effectively. Government policy needed to support AI adoption  Chartered Accountants Ireland is calling for Government to support responsible AI adoption in several ways, noting that AI matters not just for accountants, but for Ireland. The paper sets out several recommendations, including: SMEs need to be supported on their AI journey. Supports from Enterprise Ireland, Local Enterprise Offices, and others need to be more accessible, and SMEs and their workforces given the opportunity to become AI literate cost-effectively.  Investment in AI-ready infrastructure – For AI to work effectively, Ireland requires an underlying infrastructure that is strong, sustainable, and resilient. From data centres to electricity generation and investments in the national grid, the right foundations are needed to optimise the use of AI. Leading on EU simplification and AI regulation – During its upcoming EU Presidency, Ireland has a unique opportunity to lead on the EU’s digital simplification package. Ireland should focus on ensuring regulations are proportionate for businesses and promoting the development of guidance and tools that enable businesses to apply AI productively and responsibly. Embedding AI literacy in education – courses in secondary schools and in further and higher education need to be adapted so that all young people are AI literate and aware of the technology’s benefits, opportunities, and dangers. ACA syllabus world-leading in technological advancements  Over the past decade, significant steps have been taken to integrate AI and emerging technologies into the profession, including a major overhaul of both the content and delivery of the ACA training programmes. Ireland’s progress in this area is now being used as a model internationally for bodies educating accountants in other parts of the world. Since 2018, the Chartered Accountants Ireland syllabus has evolved to include robotic process automation, data analytics, cybersecurity, blockchain and accounting for digital assets.   Rosemary Keogh continued  “Reaching 40,000 members marks a milestone for Chartered Accountants Ireland, reflecting sustained growth and the enduring relevance and trust placed in the profession across Ireland. Chartered accountants continue to be widely sought after in this country as highlighted by the profession’s ongoing inclusion on the government’s Critical Skills Occupation List.  “For many Irish SMEs, their accountant is their main, and often only, advisor. That puts the profession at the frontline of responsible AI adoption: helping businesses assess and manage risk, comply with the law, and make informed investment decisions.” 

On Tuesday, 2 June 2026, the European Parliament Subcommittee on Tax Matters will host a public hearing to evaluate the impact and future of the Reverse Charge Mechanism in combatting VAT fraud. The subcommittee will also discuss the draft report on the EU’s approach to corporate tax policy in a changing international environment.

Revenue has recently published minutes from the meetings on 17 February and 20 March this year of the TALC BEPS - Pillar Two Administration Subgroup. The meetings provide several points of clarification regarding Pillar Two registrations, along with information on the testing, completion and filing of relevant tax returns.

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. Earlier this month the European Commission and the UK Government’s Specialised Committee on the Implementation of the Windsor Framework met in Brussels after which a Joint Statement was issued and HMRC has advised that phase six of the New Computerised Transit System (NCTS6) is scheduled for deployment on Monday 1 June 2026. NCTS 6 deployment updateTo support the deployment of NCTS phase six, Great Britain and Northern Ireland services will be unavailable between 7am and 9am on 1 June. HMRC’s guidance sets out the procedures to be followed during NCTS downtime. Miscellaneous guidance updates and publicationsThis week’s miscellaneous guidance updates and publications are as follows:Appendix 1: DE 1/10: Requested and Previous Procedure Codes of the Customs Declaration Service (CDS),Customs declarants and declaration volumes for international trade in goods,Data tables for customs declarants and declaration volumes for international trade in 2025,Customs declarants and declaration volumes for international trade in 2025,CDS Declaration Completion Instructions for Imports,Data Element 2/3: Documents and Other Reference Codes (National) of the Customs Declaration Service (CDS),UK import trade in goods by country of origin and country of dispatch, 2024, andExternal temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service.