What are the opening hours?

Monday 9am - 5pm Tuesday 9am - 5pm Wednesday 9am - 5pm Thursday 9am - 5pm Friday 9am - 5pm

IAIS, Mansfield Park, 211 Dumbarton Road, Glasgow (2026)

Offices based in Glasgow and the Scottish Borders at Dumfries covering Cumbria and The Lake District.

14/10/2026

NEWS Wednesday, 14th October 2026

Chancellor opts against CGT hike

Chancellor John Healey has reportedly ruled out aligning capital gains tax (CGT) with income tax in the upcoming Budget, following warnings that higher rates could deter investment, prompt wealthy individuals to leave the UK and ultimately reduce Treasury revenues. Several senior Labour figures, including Louise Haigh, Neil Kinnock and Wes Streeting, had backed equalising the rates, while think-tank Centax estimated the move could raise £14bn. However, investors and financial advisers have warned that higher CGT could penalise investors and undermine confidence in the UK stock market. Mr Healey had been urged to act amid mounting fiscal pressures as rising interest rates and defence spending dented his financial headroom, with the Institute for Fiscal Studies warning of a £35bn shortfall in Government spending plans. The Treasury is reportedly considering capital gains tax relief to encourage entrepreneurs selling their businesses to reinvest in the UK.
City AM

TAX

PM urged to raise income tax to fund social care

Prime Minister Andy Burnham has been urged to implement an income tax increase for those over 40 to fund social care. Sir Steve Webb, a former Pensions Minister, has proposed that 23m taxpayers, including 8.6m pensioners, be enrolled in a new funding scheme. This would involve an additional 1p in income tax, offering discounts on future care costs. The charge would only be paid on basic rate earnings of between £12,570 and £50,270, meaning it would effectively be capped at just under £380 a year. Sir Steve, a partner at consultancy LCP, said that a voluntary 1p levy could raise more than £3bn a year immediately. However, concerns remain about its impact on pensioners and the effectiveness of the proposed changes.
Daily Mail The Daily Telegraph

City leaders warn Chancellor over taxes

Finance industry leaders have urged John Healey not to raise taxes on banks in the forthcoming Budget, warning that higher charges could drive investment, businesses and skilled workers out of the UK. In a letter to the Chancellor, industry bodies including UK Finance, TheCityUK and the Confederation of British Industry have argued that additional taxes could undermine the sector’s competitiveness, reduce lending to households and businesses, and ultimately weaken economic growth. They are urging the Government to freeze the bank levy and surcharge, warning that higher taxes "risk undermining the growth."
City AM

LSE chief says tax reform can drive growth

Julia Hoggett, CEO of the London Stock Exchange (LSE), has urged Chancellor John Healey to eliminate stamp duty on shares and reinstate tax credits for domestic investments. She said that these changes would create structural incentives for companies to list in London, countering the trend of firms moving to New York or European exchanges. Ms Hoggett described stamp duty as a "pernicious tax" that hinders UK economic growth. She has proposed a phased removal of the tax, starting with ISAs and pension funds, and called for the return of dividend tax credits.
Daily Mail

Badenoch vows to scrap IHT on family homes

The Conservatives have pledged to scrap inheritance tax on family homes if elected, although other property and savings would remain subject to the levy. Tory leader Kemi Badenoch said couples would be able to leave an additional £1m tax-free to their families. She said her longer-term ambition was to abolish IHT altogether "as soon as we can afford it." The Conservatives estimate the changes would cost around £6bn a year and claim the reforms would cut every IHT bill and more than halve the number of families paying the tax.
The Daily Telegraph City AM The Guardian The Independent BBC News Daily Mail

National Insurance hike was a 'direct tax on employment'

The London Chamber of Commerce has urged the Government to reverse the employers’ National Insurance increase, claiming it contributed to a fall of 167,000 employee jobs between October 2024 and April 2025. The rise, introduced in April 2025, increased the rate from 13.8% to 15% and lowered the threshold at which employers begin paying contributions. As part of its Budget submissions to Government, the Chamber said the rise "functioned as a direct tax on employment, levied not on profit but on the act of hiring itself."
Daily Express

Chancellor warned against wealth tax hikes

Lord O'Neill of Gatley, a former Goldman Sachs economist, has cautioned Chancellor John Healey against increasing wealth taxes in the upcoming Budget. He warned that raising capital gains tax could harm economic growth and prompt wealthy individuals to leave the UK. O'Neill suggested that instead of tax rises, the Chancellor should accept a £10bn drop in fiscal headroom. This comes amid concerns from bond investors regarding the UK's public finances and the need for credible government spending plans.
The Daily Telegraph

Healey to keep mansion tax threshold at £2m

The Government's mansion tax will retain its £2m threshold after John Healey rejected proposals to lower it to £1.5m in the upcoming Budget. The change would have brought an additional 137,000 homes into the surcharge, taking the total affected from 134,000 to 271,000. However, the Chancellor is said to believe that changing the rules before the tax begins in April 2028 could undermine public support.
The Sunday Times

Treasury mulls tax break for entrepreneurs

The Treasury is exploring a tax break to encourage successful entrepreneurs to reinvest their capital gains into new ventures. Senior officials are considering reducing or deferring capital gains tax for founders who reinvest. Research suggests this relief could generate £43m annually for the Treasury by fostering job creation and retaining capital in the UK. Michael Moore, CEO of UK Private Capital, notes that countries with high unicorn concentrations already implement similar policies.
The Times

ACCOUNTING

Young accountants confident in AI skills

Young accountants are entering the profession with strong AI skills, according to a report by Intuit QuickBooks. Nearly 90% of over 1,000 early-career accountants believe they are better equipped to use AI than their senior colleagues. However, employers warn that critical thinking, communication and judgement are becoming vital as AI takes on more routine work. Glenn Collins, head of technical and strategic engagement at the ACCA, says firms "need to ensure growing confidence with AI is matched by responsible use."
City AM

SMEs

UK risks losing start-ups to rival markets

City leaders have warned Chancellor John Healey that the UK risks becoming an "incubator nation," developing promising start-ups only to lose them to overseas markets because of London’s weak stock market. The Capital Markets Industry Taskforce, chaired by London Stock Exchange chief executive Dame Julia Hoggett, has urged the Chancellor to introduce tax incentives to revive the exchange. The taskforce proposes abolishing stamp duty for pension funds, offering inheritance tax relief, and introducing a 10% tax credit on dividends to mobilise £161bn of capital by 2042. The warning comes amid a shortage of major London IPOs and at least £70bn in takeover bids for UK-listed companies this year.
City AM

ECONOMY

IFS: Chancellor must find £35bn

The Institute for Fiscal Studies (IFS) has warned that Chancellor John Healey faces a £35bn choice between raising taxes or cutting public spending to protect public services and increase defence spending to 3% of GDP by 2030/31. Inflation could erode departmental budgets despite an estimated £20bn of fiscal headroom, requiring an extra £25bn annually to maintain services and £11bn more for defence. The IFS said leaving spending plans unchanged would mean real-terms cuts, while raising £35bn through taxation could require increasing income tax or VAT rates by three percentage points, breaching Labour’s manifesto commitments.
The Times

07/10/2026

NEWS Wednesday, 7th October 2026

Ultra-wealthy take $160bn out of Britain in two years

The departure of ultra-wealthy individuals from Britain in the past two years represents an estimated $160bn in wealth, Bloomberg data suggests. Those weakening or ending UK ties represented more combined wealth than the UK-based billionaires remaining on the index. John Caudwell, the billionaire founder of Phones 4u, told Bloomberg: "What's happening at the moment is disastrous. Instead of being on a virtuous circle where we're attracting millionaires, billionaires and inward investment - we are doing the reverse."
Bloomberg Daily Mail

TAX

Chancellor warned against higher bank levies

Chancellor John Healey met with banking leaders on Tuesday amid warnings against increasing taxes on the sector. He needs to find nearly £5bn for the Government's Defence Investment Plan, but fiscal headroom has reportedly halved to £12bn due to rising public borrowing costs. Trade unions are pushing for a tax increase on banks to help reduce energy bills. The chief executives of Lloyds, HSBC, NatWest and Barclays attended the meeting, where Mr Healey was warned that a bank tax risked driving away international investors, who tend to own shares in UK lenders. Chris Hayward, policy chairman at the City of London Corporation, urged the Government to see banks as "drivers of growth", rather than businesses that could be squeezed for more revenue.
The Daily Telegraph Daily Mail

Entain warns against betting tax increase

Entain, the owner of Ladbrokes and Coral, warns that proposed tax increases could lead to the closure of betting shops across the UK. The company has launched the What's at Stake campaign to highlight the potential economic damage. Reports suggest that Machine Games Duty may rise from 20% to 40% in the upcoming Autumn Budget. A statement from Entain's campaign reads: "Shop closures would affect far more than the businesses themselves. They would mean fewer local jobs, less activity on the high street, reduced funding for British racing and fewer places where customers can interact face-to-face with trained staff. Some customers may choose to bet elsewhere, including with operators outside the UK's regulatory system."
London Evening Standard

Major venues demand tax relief now

Major music venues, including Wembley Arena and the O2, have urged Andy Burnham to extend business rate relief to them, similar to smaller venues. They propose a 20% reduction in rates for all live music venues next year. Jon Collins, chief executive of LIVE, said this would boost local economies, pointing out that 10,000 concert visitors spend at least £1m locally. The live music industry also seeks a review of how rateable values are calculated, arguing that current methods do not reflect their operational realities.
Daily Mail

BCC outlines importance of tax cuts

The British Chambers of Commerce (BCC) is urging Labour to support tax cuts ahead of the upcoming Budget. Kate Shoesmith, BCC's director of policy, said that tax cuts are essential for firms to plan confidently and invest in the UK economy. "The complexity of our current tax system adds cost, absorbs management time and ties up resources, forcing business leaders to take a more cautious approach," she explained. "We are clear that to get Britain back to strong, consistent growth we must cut business costs from energy, to tax, to employment regulation."
The Times The Independent UK

EU rules will foil Labour’s private school VAT raid

Labour's plans to rejoin the EU would mean the Prime Minister would have to put an end to VAT on private school fees, the Telegraph reports. This is because EU rules on tax forbid levying VAT on the provision of education. Former Prime Minister Sir Keir Starmer had to rewrite the VAT Act, which transposed the EU VAT Directive into domestic law, to allow the raid to go ahead. According to the Independent Schools Council, over 115 independent schools have closed since the measure was introduced at the start of last year.
The Daily Telegraph

Economist expects tax hikes

William Nixon, a senior research fellow at Policy Exchange and a former economist at Goldman Sachs, says Andy Burnham's proposed changes to the triple lock may not yield significant savings. He says the £18bn cost of the new social care service suggests inevitable tax increases, noting that the plans "represent one of the largest non-crisis expansions in state-spending for decades." He argues that more radical pension reforms are necessary to fund social care, warning that the public should not expect the changes to resolve the UK's fiscal challenges.
City AM

ACCOUNTING

FRC reviews rules to guard against private equity conflicts
The Financial Reporting Council is reviewing governance rules for major UK audit firms as private-equity investment and stock-market listings reshape ownership structures. The regulator is examining whether these models create conflicts, weaken independence or complicate oversight. Existing requirements already require firms to notify the FRC of material ownership or governance changes, with reviews assessing auditor control, ethical compliance and public-interest safeguards. "The audit firm governance code was designed for a particular point in time and a particular partnership structure. We’re seeing that develop, so we need to make sure that we develop our code and guidance accordingly," the FRC’s head of supervision Anthony Barrett told the FT.
Bloomberg Tax Financial Times

FRC review flags improvement in corporate reporting

The Financial Reporting Council’s annual review found that corporate reporting standards among FTSE 350 companies remained stable in 2025/26, while the gap in reporting quality between larger listed businesses and other companies continued to narrow. The proportion of reviews resulting in substantive enquiries also fell for a second consecutive year. The most common issues involved cash flow statements, financial instruments, asset impairment, fair value and revenue. The FRC urged companies to strengthen internal checks and ensure annual reports provide clear, consistent and understandable information. It also warned businesses to prepare for major changes including IFRS 18, amendments to FRS 102 and new UK Corporate Governance Code requirements on material internal controls.
Yahoo Finance

FRC report highlights rising accountancy student numbers

The Financial Reporting Council's 24th Key Facts and Trends report shows renewed growth in accountancy participation: student numbers rose in the UK and Ireland between 2024 and 2025 despite falling globally, while membership increased 2.5% domestically and 2.9% worldwide. In public-interest-entity audits, the five largest firms outside the Big Four expanded their FTSE 250 share to almost 18%, from about 13%. However, the wider audit market continued to consolidate, with registered firms declining 9% to 3,421. The findings suggest a growing profession but a more concentrated audit market.
Financial Reporting Council

SMEs

Chancellor urged to deliver SME boost

Industry bodies are pressing Chancellor John Healey to prioritise SMEs in his upcoming Budget. Key demands include better access to public sector contracts, relief from rising operational costs, and robust late payment legislation. Shevaun Haviland, director general of the British Chambers of Commerce, said the Budget must give SMEs "breathing space," by avoiding any further tax rises and cutting costs. Bibby Financial Services has flagged concerns over late payments, with its SME Confidence Tracker showing that 32% of UK SMEs want "robust and effective" late payment legislation by the end of this parliament.
The Independent

SMEs under pressure to increase prices

Nearly 80% of SMEs face pressure to raise prices due to increasing labour and raw material costs, according to a survey by the skills charity Enginuity. For the first time, almost 75% plan to pass these costs onto customers while two-thirds are not operating at full capacity for the second year running. Ann Watson MBE, CEO of Enginuity, said: "SMEs are telling us that they are at their limit and cannot hold back prices any longer."
The Scotsman

ECONOMY

ONS revises Q2 growth to 0.5%

The Office for National Statistics (ONS) has revised second-quarter GDP growth to 0.5%, up from an initial estimate of 0.4% and following growth of 0.6% in the first quarter. Annual growth for 2025 was downgraded to 1.2%. The Organisation for Economic Co-operation and Development expects UK growth of 1% in 2027, while the Resolution Foundation has warned that fiscal headroom could fall to around £5bn, increasing pressure on the Government to raise taxes or reduce spending. Meanwhile, ONS data shows that the average disposable income for UK households rose by 1% in Q2, reaching £6,577. This increase was primarily driven by a £5.3bn rise in social benefits, surpassing the £2.8bn growth in wages. The rise logged in Q2 followed a 0.8% decline in the previous three months.
Financial Times City AM The Guardian The Times

Inflation expectations rise

UK firms raised their 12-month inflation expectations from 3.1% to 3.3%, according to the Bank of England's latest Decision Maker Panel survey. Most businesses said higher energy costs were having a significant impact on the prices they set, while longer-term inflation and wage growth expectations also edged higher. More firms also reported very high levels of uncertainty. The findings add to pressure on the Bank of England to consider raising interest rates from 3.75%, particularly if global energy prices remain elevated. However, Bank official Alan Taylor said rates did not need to respond automatically to energy prices, pointing to a weak labour market and falling food inflation as signs that inflation may prove less persistent than feared.
City AM

30/09/2026

NEWS Wednesday, 30th September 2026

HMRC targets ultra-wealthy and their accountants

HMRC is increasing its oversight of ultra-wealthy individuals with assets in the UK. The tax authority has sent letters to these individuals and their accountants, assigning dedicated tax compliance managers to ensure they fulfil their tax obligations. The move follows criticism from the Parliamentary Public Accounts Committee, which accused HMRC of failing to provide transparency about the tax paid by the wealthiest people. Charlie Sosna from law firm Mishcon de Reya said the letters were "requesting all information up to inside trouser leg measurements". He added: "Clients are wary that once HMRC starts pulling at a thread, they don't stop." An HMRC spokesman said: "We want to help all customers get their tax right, including the UK's wealthiest people."
The Daily Telegraph

TAX

Higher taxes on banks threatens UK financial status

Senior bankers have expressed concern that the UK is losing its status as a global financial hub. A survey by UK Finance and Norton Rose Fulbright revealed that many executives would not choose the UK as their base if starting anew. The survey, involving 14 international banks employing around 35,000 people in the UK, highlighted fears of increased taxes on lenders. UK Finance points out that the total tax rate for banks in London is significantly higher than in Frankfurt and New York. UK Finance chief David Postings said: "I think already we're very highly taxed. To go further than that, I think, would reach a tipping point and would be very risky on the part of the Government."
Daily Mail The Times

Stamp out pension tax speculation, Chancellor told

Tax-free withdrawals from UK pensions have surged to £22bn in 2025-26, nearly doubling since Labour took power in July 2024. Data from the Financial Conduct Authority reveals that the total for 2024/25 and 2025/26 exceeds £40bn, surpassing the previous five years combined. Concerns over potential cuts to the £268,275 tax-free lump sum cap and the inclusion of pensions in inheritance tax from 2027 have driven the trend. Michael Summersgill, chief executive of AJ Bell, said the Chancellor should learn from the mistakes of his predecessor Rachel Reeves and not allow pension tax speculation to go "unchecked" in the run up to his maiden Autumn Budget.
Financial Times City AM

Mansion tax plans reshape £2m property market

Labour's planned £2m mansion tax is already influencing the high-end property market, with evidence of "bunching" below the threshold. Sales of £1.99m homes more than doubled from nine to 21 between December 2025 and July 2026, while transactions at exactly £2m fell from 117 to 25 year-on-year, according to Tax Policy Associates. Estate agents said buyers were making offers below £2m to avoid the future annual charge. The levy, due from 2028, will range from £2,500 to £7,500 depending on property value. However, Chancellor John Healey is reportedly considering cutting the threshold from £2m to £1.5m.
The Daily Telegraph City AM Daily Mail The Independent UK

IEA warns against hiking CGT

The Institute of Economic Affairs (IEA) has warned Chancellor John Healey against increasing Capital Gains Tax, arguing that it may deter investment. Valentin Boboc, a senior economist with the IEA, said: "Higher rates risk driving investors to hold onto assets and deterring entrepreneurs from starting, growing and selling businesses – choking off the investment and economic activity Britain needs." Sebastian Charleton of the Adam Smith Institute agrees adding that "increasing CGT will only accelerate the ongoing exodus of wealth creators."
Sunday Express

Savers brace for £9.1bn tax hit

Savers will face a record £9.1bn tax burden in 2027-28 due to a two percentage point increase in savings tax, announced by Rachel Reeves, the former Chancellor. The rise is expected to generate an additional £900m for the Treasury. The number of individuals affected will reach 4.7m, an increase of 200,000 from the current tax year. Sarah Coles from AJ Bell commented: "Savers are being squeezed on all sides and the pain is only going to intensify in the next tax year." The cash ISA allowance will also be reduced for those under 65.
The Daily Telegraph

Increasing number of workers flee high-tax Britain

The number of taxpayers leaving the UK has surged, nearly doubling under Labour. Data obtained from HMRC shows 69,300 taxpayers told HMRC they were leaving Britain in 2025-26, up by more than 30,000 since Labour won the general election in 2024. Additionally, the number of 16-to-34-year-old expats returning to Britain fell by 15,000 last year.
The Daily Telegraph

ACCOUNTING

AI governance in tax and audit

The use of artificial intelligence (AI) in the tax and audit sector is rising, with 81% of professionals using AI tools regularly, according to Thomson Reuters' Future of Professionals report. However, 35% of these users employ unauthorised tools, creating governance risks. The IRS is responding by establishing compliance guidelines, stressing that practitioners must ensure the accuracy of AI-generated documents. Writing in Accounting Today, Elizabeth Beastrom, president of Thomson Reuters Tax, Audit & Accounting Professionals, points to the importance of careful AI implementation to avoid reputational damage. Firms must train staff and vet AI tools thoroughly to mitigate risks.
Accounting Today

FRC announces auditing and assurance standard revisions

The Financial Reporting Council (FRC) has revised one UK auditing and one UK assurance standard to maintain alignment with changes made to equivalent international standards issued by the International Auditing and Assurance Standards Board (IAASB). The revised standards are: ISA (UK) 620 (Revised September 2026) – Using the Work of an Auditor’s Expert, and ISAE (UK) 3000 (Revised September 2026) – Assurance Engagements Other Than Audits or Review of Historical Financial Information.
Accountancy Today Financial Reporting Council

SMEs

AI adoption boosts productivity

New research from NatWest Group's AI Adoption Report reveals that 80% of Scottish businesses using AI have experienced productivity gains. Specifically, 82% reported increased efficiency, while 80% noted greater innovation. However, only 6% of businesses have fully transformed their operations with AI, indicating significant growth potential. Robert Begbie, chief executive of commercial and institutional banking at NatWest Group, warned of an emerging AI adoption divide, particularly for smaller firms lacking resources.
The Scotsman

ECONOMY

OECD downgrades UK growth forecast

The Organisation for Economic Co-operation and Development (OECD) has downgraded the UK's economic growth forecast for 2027 to 1%, down from 1.1%. The adjustment is attributed to the ongoing conflict in the Middle East, which has raised global oil and gas prices. However, the OECD upgraded the 2026 growth outlook from 0.9% to 1.1%, citing strong domestic demand. The OECD warned that rising borrowing costs underlined the need to rein in spending, improve public sector efficiency and strengthen revenues. However, the Paris-based group added that the Bank of England does not need to raise interest rates as policy is tight enough to keep inflation in check with a quarter point predicted for Q3 2027. The advice comes as IMF chief Kristalina Georgieva urged advanced economies to reduce debt levels amid spiralling global borrowing costs.
Financial Times The Daily Telegraph

PM vows to end triple lock in 2030

Andy Burnham has announced plans to reform the state pension triple lock from 2030, with the changes intended to generate savings to help fund a proposed national care service in England. The Prime Minister said the triple lock - which sees pensions rise each year by whichever is highest of inflation, average earnings growth or 2.5% - would remain unchanged until 2030, after which the earnings growth element would be removed. Officials have suggested the change could save around £15bn a year by 2040, while Jonathan Cribb, deputy director at the Institute for Fiscal Studies, said savings "are likely to be relatively small in the first few years, but rise substantially over time."
The Daily Telegraph BBC News City AM

UK borrowing costs soar to new heights

UK Government borrowing costs have reached their highest level since the 2007 financial crisis, with ten-year bond yields rising to 5.40%. The yield on 30-year gilts is around its highest level since 1998. This follows a broader sell-off in sovereign debt amid inflation concerns linked to rising oil prices. Ruth Gregory, deputy chief UK economist at Capital Economics, said she now expects debt interest payments to rise from £122bn this year to £149bn in 2030-31, more than £10bn more than forecast by the OBR when the ten-year yield was at 4.5%.
The Times This is Money

23/09/2026

NEWS Wednesday, 23rd September 2026

Ministers mull CGT raid to increase personal allowance

The Government is considering raising capital gains tax (CGT) to as high as 45% to help fund a £20bn increase in the income tax personal allowance to £15,570. A Budget proposal from Labour donor Dale Vince argues that wealth is currently taxed more lightly than income from work. Equalising CGT rates with income tax is estimated in the submission to raise around £14bn, with the remainder of the £20bn package potentially funded by ending interest payments on Bank of England reserves. The higher personal allowance would partly reverse the impact of the freeze in income tax thresholds and provide a tax cut for millions of lower earners. Modelling commissioned from the National Institute of Economic and Social Research suggests that raising the allowance by £3,000 would cost the Treasury £20bn and leave the lowest fifth of earners around £600 a year better off.
The Daily Telegraph

TAX

Thousands more homes could face mansion tax

The Government is considering lowering the mansion tax threshold from £2m to £1.5m, potentially increasing the number of affected properties from 134,000 to 271,000. Chancellor John Healey is examining the change ahead of the Budget, although no decision has been taken. The Government has ruled out wider reforms to stamp duty and council tax previously championed by Andy Burnham because they would require extensive revaluation and take years to implement. Wandsworth, Kensington and Chelsea, Westminster and Richmond councils have urged Mr Healey to reconsider the mansion tax, warning some residents could be forced to sell their homes. Arun Advani of the Centre for the Analysis of Taxation said lower-value properties currently face proportionately higher council tax rates and suggested a lower mansion tax threshold could make property taxation more equal.
The Times

Conservatives urge PM to avoid tax hikes

The Conservatives are urging Prime Minister Andy Burnham to rule out tax rises in the upcoming Budget, with Shadow Chancellor Andrew Griffith warning that high taxes are driving young people abroad. He also declined to confirm reports that the Conservatives could pledge to abolish inheritance tax, saying he would support such a cut only if the party could fully identify the funding. Mr Griffith added that the Conservatives would look to reduce regulatory burdens on small businesses, citing estimates that tax compliance costs small firms £25bn a year and involves an average of 44 hours annually in tax administration. Saying that the Tories will replace the IR35 tax rules for self-employed workers, he also called for officials to "pause job-destroying red tape."
BBC News Daily Mail

VCTs urge Chancellor to reverse tax relief cut

Venture capital trusts are calling on Chancellor John Healey to reverse a cut to the income tax relief available to VCT investors, warning it could reduce fundraising by 20%–40% and limit funding for innovative, fast-growing businesses. VCTs currently support around 1,100 firms with £6.6bn of funds and are popular with wealthy investors partly because of their tax incentives. The Government increased the annual VCT investment limit to £200,000 but reduced the upfront income tax relief from 30% to 20%. The Venture Capital Trust Association said the change has weakened investor confidence, with 62% of VCT-backed founders planning to scale back growth, 45% considering job cuts and a quarter potentially moving abroad.
Daily Mail

Budget could bring tax break for high street stores

John Healey plans to reduce taxes for high street businesses in his upcoming Budget. Proposed changes include raising the small business rates relief threshold from £12,000 to £17,096, potentially exempting thousands of firms from business rates. The Chancellor is also considering extending transitional relief to slow bill increases after April's revaluation. The measures form part of a wider package to support high streets, entrepreneurs and small businesses, alongside existing plans for a 20% rates cut for pubs, clubs and live music venues.
The Daily Telegraph

HMRC estimates £392m IHT shortfall

Wealthy families may have underpaid up to £392m in inheritance tax in the year to March 2026, according to HMRC estimates cited by TWM Solicitors, a 14% increase on the previous year. HMRC can investigate the omission or undervaluation of assets such as property, jewellery and artwork. The tax office defines wealthy individuals as those who had income of at least £200,000 or assets worth more than £2m in any of the previous three years. It is noted that IHT receipts reached £3.2bn between April and July 2026, up £100m year-on-year.
Daily Express

Healey urged to resist City tax grab

City leaders have expressed concern over potential tax increases in the upcoming Budget, urging the Chancellor to simplify the UK's complex tax system. TheCityUK pointed to the need for tax reform to enhance competitiveness, with chief executive Miles Celic stating that financial services already contribute significantly to tax revenue. He warned that the current stamp duty on shares hampers investment and makes the UK an international outlier.
City AM

PM set to scrap family farm tax

The Government is reportedly considering scrapping its inheritance tax on family farms as part of the Budget, in a move estimated to cost the Treasury about £300m a year. Under the current plans, family farms faced a 20% levy on assets over £1m, with this since raised to £2.5m. A proposed alternative to scrapping the IHT on family farms entirely would be raising the threshold to £5m, although critics warn that this would still leave many farms facing large bills.
Daily Express Daily Mail

ACCOUNTING

Government eyes new approach to corporate reporting

The Government is consulting on a major overhaul of corporate reporting, with the plans described as a "once-in-a-generation" chance to create a simpler, more proportionate regime. Proposals include streamlining Companies Act reporting requirements, extending audit exemptions to medium-sized companies, simplifying strategic and remuneration reporting, and reducing duplication between company law and accounting standards. The reforms would also promote digital reporting and consider the use of AI, while incorporating UK Sustainability Reporting Standards into company law. The consultation builds on plans to remove strategic and directors’ reporting requirements for certain companies and follows wider efforts to modernise the corporate reporting framework overseen by the Financial Reporting Council.
Dentons
SMEs

FCA flags SME lending hurdles

A Financial Conduct Authority review has found no evidence that its regulation is a major barrier to small and medium-sized businesses accessing finance, but it did identify several other obstacles. Many small businesses have limited awareness of the finance options available, struggle to compare providers and find application processes and financial products too complex. The regulator also raised concerns about commission-based incentives among brokers in the unregulated alternative lending market, which could encourage very small businesses to take on high-cost, short-term loans that are unsuitable for their needs. Personal guarantees can also deter business owners because they may put personal assets, including homes, at risk.
The Times

Mid-sized firms more optimistic

A survey has revealed growing optimism among medium-sized businesses, with 80% of executives saying they are more willing to invest over the past three months. Firms with revenues of £10m-£300m identified leisure and retail, financial services and manufacturing as areas with the greatest growth potential, while investment plans were spread across London, the South East and the Midlands. Businesses said they want Chancellor John Healey's first Budget to improve access to finance and credit for the private sector.
The Times

Hiring costs stifle UK job growth

Three-quarters of UK super scalers could create at least 10% more jobs if barriers were removed, according to a survey by Enterprise Britain. Rising hiring costs and difficulties in recruiting talent are major constraints for these fast-growing companies. The survey revealed that 93% of leaders plan to increase headcount, yet 71% believe Britain's risk aversion hampers growth. The group calls for reduced notice periods and a ban on non-compete clauses to facilitate talent movement.
City AM

ECONOMY

Bank of England holds interest rates at 3.75%

The Bank of England has held interest rates at 3.75% for a sixth consecutive meeting, but warned rates may need to rise if the Iran conflict persists and higher energy prices begin feeding into wages and wider inflation. The Monetary Policy Committee (MPC) voted 6-3, with three members backing a rise to 4%. The Bank said that it expects inflation - which stood at 3.1% in the year to August - to exceed 4% by Q1 2027. Suren Thiru, chief economist at the ICAEW, said the Bank chose "patience over panic" by balancing inflation risks with "little evidence that it is fuelling more persistent, economy-wide price pressures." Meanwhile, the Bank announced a major overhaul of its quantitative tightening programme, pausing bond-sale auctions for now and setting out plans for £20bn of annual gilt sales alongside maturities, with the programme expected to conclude by 2034.
BBC News City AM Daily Mail The I

UK borrows £8bn more than expected

UK borrowing reached £18.3bn in August, exceeding the Office for Budget Responsibility’s forecast by £3.5bn as inflation lifted public-service costs and debt-interest payments faster than tax income. The figures add to the pressure on John Healey before his first Budget, with the Chancellor likely to have lost at least £12bn of his £23.6bn headroom. Middle East-driven energy uncertainty and inflation fears have pushed bond yields higher globally, with UK borrowing costs the highest among G7 countries.
Bloomberg Financial Times The Daily Telegraph The Times
Inflation climbs to 3.1%

Office for National Statistics (ONS) data shows that UK inflation rose to 3.1% in the year to August, up from 2.9% in July. Grant Fitzner, chief economist at the ONS, said the rise was driven by "sharp" increases in petrol and diesel prices. Services inflation remained at 3.4%, while core inflation remained at 2.6% and food inflation stayed relatively low at 1.3%. Economists have warned that inflation could peak around 4.5% if the conflict in the Middle East continues to disrupt supplies and keep oil prices elevated.
Financial Times BBC News City AM The Times

OTHER

Tax expert demands audit of HMRC's AI use

Chris Wales, a former member of the Treasury’s Council of Economic Advisers, has called for an independent audit of HMRC's use of AI. He warns that without strict regulation, citizens' private information could be misused. He emphasised the need for transparency and safeguards, particularly against potential misuse of data. Mr Wales said: "We have a right to know how much of our lives they're digging into."
Sunday Express

Address

Mansfield Park, 211 Dumbarton Road
Glasgow
G116AA

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Website

http://www.iais.co.uk/

Alerts

Be the first to know and let us send you an email when IAIS posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to IAIS:

IAIS

14/10/2026

07/10/2026

30/09/2026

23/09/2026

Address

Opening Hours

Website

Alerts

Contact The Business

Shortcuts

Sponsored

Share

Listing takedown request