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  

Revenue has updated its stamp duty guidance on transfers of land to young trained farmers to reflect the Finance Act 2025 extension of this relief. The relief has been extended by a further four years making it available for instruments executed up to and including 31 December 2029. The guidance has also been updated to provide instructions for claiming a stamp duty repayment under section 81AA Stamp Duty Consolidation Act 1999 through Revenue’s eRepayments system.

Revenue has published a further warning of fraudulent emails, SMS (text messages) and phone calls seeking personal information from taxpayers. Revenue has updated its website to highlight recent fraudulent emails claiming that taxpayers are ‘due an audit’ and providing a link instructing them to schedule the audit by a specified date. Taxpayers who have provided Revenue account details in response to an email, SMS or phone call are advised to reset their password immediately. Taxpayers are advised to contact their bank or credit card provider if they have provided bank or card details.

The guidance relating to PAYE monthly and annual estimates has been archived as it relates to payroll reporting obligations applicable up to and including 31 December 2018.

Revenue has published updated guidance on the automatic exchange of information between tax administrations to provide details of the expansion of DAC3 and other further clarifications. The updates to the guidance are as follows: Paragraph 3.5.1 has been updated to reflect the expansion of DAC3 from 1 January 2026 to include certain cross-border tax rulings involving natural persons.     The paragraph also outlines that from 1 January 2026, DAC8 requires advance cross‑border tax rulings issued to individuals to be exchanged with EU tax authorities. This applies when the ruling concerns the individual’s tax residency in the Member State issuing the ruling, or when the value of the transaction or series of transactions exceeds €1,500,000 (or the equivalent in another currency) and that amount is referenced in the ruling. Paragraph 3.2.2 has been updated to remove reference to DAC2/CRS exchanges taking place under the Ireland - Hong Kong DTA as these exchanges are now made under The Convention. Paragraph 4.1 has also been deleted to reflect this change. Paragraph 3.2.2 has been revised to clarify the restrictions on the use of data exchanged under the Convention. Details regarding the exchange of information on crypto asset transactions under the Crypto-Asset Reporting Framework (CARF) and DAC8 have been included in paragraph 3.9. Appendix 1 has been updated to include new exchange relationships.  As a consequence of these changes, the guidance on returns in relation to foreign accounts has been updated accordingly.

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.

Revenue has updated its accelerated wear and tear allowances guidance on gas vehicles and refuelling equipment and energy efficient equipment to reflect an extension of these reliefs to 31 December 2030, as provided for by Finance Act 2025.

Revenue has updated its capital acquisitions tax exemptions guidance to reflect the update provided by Finance Act 2025 in relation to retirement benefits. The update confirms that the meaning of a ‘retirement fund’ extends to any remaining balance in an Automatic Enrolment account where the participant dies after reaching pensionable age.

Revenue has published its Q4 2025 service delivery report, outlining key data and insights on real‑time reporting, taxpayers’ online access to information, and the direct engagements initiated by taxpayers during the quarter. The report outlines that 464,085 tax returns were filed via ROS and 2,382,427 LPT transactions were processed in the quarter which is reflective of the relevant deadlines in the quarter. A total of €3.46 billion was repaid by Revenue. In terms of online inquiries, the report confirms that 604,301 MyEnquiries were received by Revenue in the last quarter of 2025 and an estimated response time was applied in 114,909 cases. The report outlines that the estimated response time given was met or exceeded in 64 percent of the responses. A total of 467,162 calls had the ‘hold my place in queue’ service available and the percentage of relevant callers who availed of this service had increased to 19.5 percent from the previous quarter which had been at 14.75 percent.

Revenue has updated its relevant contracts tax (RCT) guidance on relevant operations providing  clarification that, in the case of mixed contracts, it is only the construction services which are within the scope of RCT. Where a mixed contract involves a single consideration, the principal must apportion the consideration to identify the amount relating to the construction services. Examples of mixed contracts are outlined in the guidance, which include the following: A contract for construction services and the supply of land, a contract to supply design and build services, and a contract for the supply and installation of systems in a building or structure. The guidance outlines that in all cases, it is only the construction services which are subject to RCT and VAT reverse charge. In the case of the examples above, the supply of land, design services and the supply of materials are not subject to RCT. The guidance on who is a principal contractor has also been updated to reflect the Finance Act 2025 changes which amended references to housing legislation contained in section 530A TCA1997. The Finance Act 2025 changes did not alter the range of principals who are required to operate RCT.

The Department of Finance and the Department of Public Expenditure and Reform have published the Fiscal Monitor for January 2026 which confirms an Exchequer surplus of €0.1 billion in January. This compares to a surplus of €3.6 billion recorded for January 2025. When receipts arising from the Court of Justice of the European Union (CJEU) ruling in the Apple State Aid case are excluded, a decline of €1.8 billion was recorded in the underlying Exchequer balance.  This reduction is mainly due to transfers to the Future Ireland Fund (FIF) and Infrastructure, Climate and Nature Fund (ICNF). Tax receipts collected in January were €8.5 billion, which was €1.7 billion lower than the same period last year. Excluding the once off receipts arising from the CJEU ruling in the Apple State aid case, total tax receipts were up slightly on last year, by 0.6 percent. Income tax receipts of €3.0 billion were recorded in January, one percent ahead of January 2025. Corporation tax receipts for January 2026 were €58 million reflective of the fact that January is not generally a significant month for corporation tax. However, January is generally that strongest VAT month of the year as it includes the Christmas trading period and receipts of €4.2 billion were collected in the month, up by 3.3 percent compared to January 2025. Commenting on the figures, Tánaiste and Minister for Finance, Simon Harris said: “The January returns show that receipts were up by around 2 per cent once technical factors are accounted for. VAT receipts in January – which capture the Christmas period – were solid, pointing to the underlying strength in our economy. Income tax growth was slightly lower, which may in part reflect more taxpayers claiming reliefs. More broadly, our labour market remains in good shape, with average wage growth of around 4 to 5 percent in recent quarters and wages continuing to rise at a level well above inflation”.

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.