Key ‘L-day’ announcements

Jul 28, 2025

It was a busy day last Monday when the Government’s now traditional L-day kicked off with the publication of HMRC’s Transformation Roadmap (more on this later), the publication of several new technical consultations in three areas (see separate story), in addition to draft clauses for the next Finance Bill, covering a range of previously announced policy changes, including the controversial changes to inheritance tax.

The key areas of draft legislation covered in the Bill are as follows:

Private Intermittent Securities and Capital Exchange System (PISCES) tax implications,
Income Tax: changes to Employee Car Ownership Schemes,
Multinational Top-up Tax and Domestic Top-up Tax further amendments,
Umbrella Companies: tackling non-compliance in the umbrella company market,
Reform of the tax treatment of carried interest,
Tax implications for companies and employees in relation to employees trading their shares on PISCES,
Offshore Anti-Avoidance legislation,
Changes to charity compliance measures,
Better use of new and improved third-party data, and

Reforming Inheritance Tax — unused pension funds and death benefits.

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Key ‘L-day’ announcements

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