In Irish news this week, the Institute has met with the Minister for Enterprise, Tourism and Employment and the Enhanced Reporting Requirements for employers has been identified, in a recent report to Government, as a significant competitive challenge to doing business in Ireland. In UK news, read HM Treasury’s response to the Institute’s April 2025 letter on the Autumn Budget 2024 changes to key inheritance tax reliefs and we are encouraging members to complete the Administrative Burden Advisory Board’s annual survey on HMRC. In International news, the European Commission has launched a Call for Evidence on the General Block Exemption Regulation. Irish The Institute’s Tax and Public Policy team met with the Minister for Enterprise, Tourism and Employment, to discuss current sentiment among SMEs and the challenges they face in terms of labour, operating and regulatory costs. The National Competitiveness and Productivity Council’s recent report highlights the Enhanced Reporting Requirements for employers compliance costs for SMEs as a competitiveness concern. UK Read HM Treasury response to the Institute’s April 2025 letter on the Autumn Budget 2024 changes to key inheritance tax reliefs, which were subsequently confirmed as proceeding earlier this week on L-day. The 2025 ABAB survey on HMRC is open for completion. International The European Commission has launched a Call for Evidence on the General Block Exemption Regulation as it assesses the potential tofurther simplification. 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 post EU exit corner here.          

As we predicted earlier this week, following HM Treasury’s response to the Institute’s letter on this issue, on L-day earlier this week the Government published draft finance bill clauses which confirm that the changes to APR and BPR will be proceeding as planned from April 2026. In the draft legislation as it currently stands, none of the recommended mitigations proposed by the Institute have been included. Read the Institute’s Press Release reacting to this in which we are seeking a special derogation from these changes for Northern Ireland, given the disproportionate impact of this in the region on the agricultural sector and family owned businesses. The Institute is currently considering what further action is needed on this important issue and is also seeking to discuss this with local government. A full report on the other key announcements from L-day will feature in Chartered Accountants Tax News on Monday 28 July. However, in the meantime, it is noteworthy that buried amongst the L-day publications is welcome confirmation that the Government has shelved Making Tax Digital for corporation tax.

Cróna Clohisey, Director of Members and Advocacy, Chartered Accountants Ireland said “Today’s revised National Development Plan (NDP) is a strong statement of intent towards securing Ireland’s competitiveness in the coming decade. It is encouraging to see such significant emphasis on addressing housing over the next five years. 1 in 4 SMEs surveyed by Chartered Accountants Ireland in April reported that their business has lost employees or seen prospective employees unable to take a role due to the unavailability of affordable housing. “Housing is only one element of the puzzle, however. We know the critical levers to delivery also include energy and water, so these significant deficits in the State’s infrastructure need to be addressed holistically if Ireland is to fully realise its ambition of becoming a place where businesses can thrive. Today’s announcements are a step in the right direction. “Another of the most frequent barriers encountered by our 40,000 members is access to childcare. Despite featuring as a key commitment in the Programme for Government, the revised NDP lacks detail on how more childcare places will be created for working parents. Greater priority must be given to an issue that so fundamentally affects the labour market. “As an all-island body, the Institute also welcomes the focus in the NDP on the Shared Island Fund, and we look forward to engaging with stakeholders on how the NDP will deliver cross-border infrastructure projects.”

Chartered Accountants Ireland has introduced an Annual Return for those firms supervised for AML purposes pursuant to the Anti-Money Laundering Supervision Regulations - TCSPs and Bookkeepers (The Regulations). The Regulations provide for the Institute’s AML supervision of trust and company service providers (TCSPs) and bookkeepers which fall within the Institute’s supervisory remit under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 as amended (the Act) and related agreements. These are entities which: are TCSPs and/or bookkeepers; and include Institute members amongst the entity's principals; and are not subject to the Public Practice Regulations since they do not provide any services which would meet the definition of public practice in the Public Practice Regulations; and are not subject to AML supervision by another competent authority pursuant to agreements between the Institute and other competent authorities as provided for by the Act. The annual return should be submitted by 31 August 2025. Queries should be directed to Professional Standards. Further information on the registration and supervision of members for AML purposes can be found on our authorisations page of our website.

Northern Ireland should be excluded from UK Government proposals to restrict the benefit of two key Inheritance Tax reliefs; agricultural property relief and business property relief, because of the disproportionate impact this is already having on the region’s agricultural sector and family-owned businesses. Chartered Accountants Ireland, the largest professional body on the island of Ireland, which represents over 5,000 members in Northern Ireland reiterated its position after the Government published draft legislation for the next Finance Bill. As announced last October, from April 2026, 100% relief will be limited to the first £1 million of combined agricultural and business property, with any value above this receiving relief at 50%, effectively resulting in an inheritance tax liability of 20%. Director of Members and Advocacy at Chartered Accountants Ireland, Cróna Clohisey said: “Yesterday on ‘L-day’, the Government published the draft Finance Bill clauses for this policy change which confirms, disappointingly, that they will commence from April 2026 as planned. On behalf of members, this Institute has engaged extensively with Government to emphasise the impact this will have in Northern Ireland. Farming is the biggest industry in NI, and farms and family-owned businesses are the heartbeat of our economy. “We recognise that in the current geopolitical and economic environment, difficult decisions are necessary, however, we feel that the impact of these changes has not been fully considered on a regional basis and will hit Northern Ireland harder. It is already causing forced, premature business sales and the loss of jobs, lives and livelihoods. Although we have some of the highest land prices in the UK, what the government has failed to grasp is that land values here do not correlate to the income generated. Any value is tied up in land and assets, not cash.” Data from the NI Assembly already suggests that by 2026 these changes will affect approximately 75 percent of dairy farms in Northern Ireland, which account for 60 percent of owned land and provide the majority of food production in NI. Clohisey continued: “Ultimately the Government is taking a broad-brush approach to address specific concerns that ‘non-farmers’ are investing in land to avoid inheritance tax. As a result, they are missing the opportunity to reframe this policy and include a range of mitigations to protect genuine farming activity and family-owned businesses.” Chartered Accountants Ireland is urging the Government to find a way to introduce a carve out for agricultural and family-owned business sectors in Northern Ireland. If there is not a willingness to do so, the Institute is calling on the Government to amend the draft legislation to include a range of mitigations. This would enable the Government to target this policy more effectively and reduce its negative impact before the legislation begins its journey through Parliament after the summer recess. ENDS

Strong social connections not only impact our mental health but our physical health too. Feeling socially connected is more important than ever, especially after a long period where our social interactions were restricted, and our close circle reduced. Here, Thrive discusses the importance of maintaining and prioritising our relationships for our overall health. We're designed to be social We all know that comforting upbeat feeling of human connection, when you come away from a catch up with friends feeling more positive, happier, and even lighter. As a species, human beings are inherently social creatures.  We are biologically wired to seek out connection from a time where humans hunted in tribes and being part of a group was necessary for survival. Humans need closeness, connection, and a sense of unity to thrive. Social connection is one of our core psychological needs which means it plays an essential role in how safe and satisfied we feel in our lives. Social groups provide us with an important part of our identity, forming who we are and teach us a set of skills and norms that help us to function throughout life. In today’s world though we lead increasingly busy lives trying to juggle and balance work, family, and other commitments. Often our friendships can fall to the wayside. However, strong connection and belonging to something bigger than ourselves are important for our overall health and wellbeing. The benefits of connectedness should not be overlooked, and therefore as a society we should be placing greater emphasis on investing in our friendships. The more connected we feel to other people, the more enriched our life becomes. Friendship and being part of a social group offer a variety of mental health benefits. It increases our feeling of belonging, boosts our sense of purpose, and improves our self-worth and confidence. Connectiveness helps us regulate our emotions, leads to higher levels of empathy and compassion, and can even reduce our stress levels. Studies show that people who feel connected to others report lower rates of anxiety and depression. Not only does good social connection impact our psychological wellbeing, its impacts our physical health as well. Countless studies have shown a lack of human connection and feelings of loneliness are more harmful to our health than obesity, smoking and high blood pressure. By neglecting our need to connect, we put our health at risk. It can even lengthen our lives. Extensive research that looked at the lifestyles of inhabitants within Blue Zone areas, a term given to geographically regions that are home to some of the world’s oldest people, found healthy social networks and high levels of community engagement were commonalities among the differing zones. Our relationships and social groups can alter the course of our life, shape the person we are and can change our perception of ourselves and the world as well as offer an important support system.  So as you can see, social connectedness creates a positive cycle of good social, emotional and physical wellbeing. To forge happy and healthy relationships, it is very important we continually attend to and nurture our connection with the people we consider important in our lives. After an incredibly long period where our social interactions were restricted and ultimately reduced, you may find your sense of connection has diminished. Here are some ways you can improve your social health and reignite your connection with others; Reach out to a friend you may have lost touch with or haven't seen in a while, remember it’s never too late to spark up an old friendship! Join a new club or try out a group activity: focus in on your interests and you’ll be sure to find a club or group full of like-minded people. Volunteer: this can strengthen your sense of purpose, provides an opportunity to meet new people and give back to your community. Invite a co-worker out for lunch: In-office days are great for connecting with your co-workers. Why not reconnect with your favourite work colleague or arrange a work group activity. Spend quality time with family: this could be planning a family BBQ, a movie night on the weekend or a family day out. Be Present: Step away from your devices when you are in company and have an uninterrupted chat. Social isolation is a challenging aspect of life to cope with and is detrimental to your health, please know the Thrive team is here to lend a friendly ear, if and when you need it most.

IAASA has issued a public consultation on their draft work programme for the period 2026 – 2028. Please see the consultation and draft work programme . The due date is no later than 5pm on 22 August 2025.

Revenue has amended its guidance on the provision of services in Irish. The updated manual reflects the most up to date position within Revenue regarding the provision of Irish services under the Official Languages Act, 2003 and the Official Languages Act (Amended) 2020.

Revenue has updated its self-assessment guidance on the consideration of standards of proof when making or amending Revenue assessments. The guidance has been updated throughout to include examples to illustrate how the various sections of Part 41A TCA 1997 apply.

Revenue has updated its guidance on the relevant provisions allowing for the efficient management of Stamp Duty. Stamp Duty Manual Part 11 Management Provisions has been amended as follows: Clarification that the Property Registration Authority was dissolved by the Tailte Éireann Act 2022 and its functions are now under the remit of Tailte Éireann. Clarification that the functions of the Commissioner of Valuationwere transferred to Tailte Éireann by the Tailte Éireann Act 2022. Guidance on sections 159A and 159B has been removed as this is now covered in Stamp Duty Manual Part 11: Stamp Duty repayment provisions, and Guidance on section 159D has been updated to include additional detail on how interest is calculated under this section.

In this week’s post EU exit corner, we bring you the latest guidance updates and publications relevant in the post EU exit environment. The most recent Trader Support Service bulletin is also available as is the most recently published Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. Miscellaneous guidance updates and publications This week’s miscellaneous guidance updates and publications are as follows: External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service, Short shipments at temporary storage locations, Additional Information (AI) Statement Codes for Data Element 2/2 of the Customs Declaration Service (CDS), Submitting an electronic administrative document or an electronic simplified administrative document for excise goods, The Customs (Miscellaneous Amendments) Regulations 2025, Report a problem using the Customs Declaration Service, Make an entry summary declaration using the Import Control System 2, Apply for authorisation for the UK Internal Market Scheme if you bring goods into Northern Ireland, Categorising goods for Internal Market Movements from Great Britain to Northern Ireland, and Declare your goods to authorised use and completing authorised use.

In this week’s detailed miscellaneous updates which you can read more about below, the UK has laid further regulations on the Pillar Two rules which take effect from 24 July 2025 and HMRC is working on a new online form which will allow employers to report disputes on their pay as you earn (PAYE) liabilities. In other news this week: The latest Agent Update: Issue 133 is available; this sets out more information on a range of areas, including the ongoing Class 2 National Insurance Contributions issue which we reported on a few weeks back in miscellaneous updates. HMRC has also asked to share a separate update on this which contains supplementary information, HMRC is holding a webinar later this week on reporting via PAYE real time and how to provide accurate information - book onto the webinar now, The Public Accounts Committee has published a report on collecting tax from wealthy individuals that calls for further action and clarity from HMRC, The National Audit Office has published HMRC’s 2024/25 accounts, and The latest tax publications from the Institute for Fiscal Studies have been published: https://ifs.org.uk/articles/wealth-tax-would-be-poor-substitute-properly-taxing-sources-and-uses-wealth and https://ifs.org.uk/publications/taxing-capital-income-and-wealth-low-and-middle-income-countries-practice-principles. New Pillar Two regulations The Multinational Top-up Tax (Pillar Two Territories, Qualifying Domestic Top-up Taxes and Accredited Qualifying Domestic Top-up Taxes) (Amendment) Regulations 2025 have now been laid, and come into force later this week on 24 July 2025. The regulations enable HMRC to specify additions to the list of Pillar Two territories, qualifying domestic top-up taxes, and accredited qualifying domestic top-up taxes to take effect from a date before the notice is published. According to HMRC, this is a procedural change to ensure the effective date of changes in the UK aligns with the date in the central record of internationally agreed qualifying territories and taxes published by the OECD/G20 Inclusive Framework. It also means that there will be no requirement for individual Statutory Instruments which would otherwise be required due to the retrospective nature of such changes. Employer PAYE liability disputes HMRC is currently developing an online form which will enable employers to report disputes on their pay as you earn (PAYE) liabilities. Currently, employers can either call the Employer Helpline on 0300 200 3200, or write to HMRC at the following address: PT Operations North East England, HM Revenue and Customs, BX9 1BX, United Kingdom. Further information will be provided in due course.