As we begin 2026, there are a number of important tax and regulatory developments that individuals and businesses should take note of. In this month’s newsletter, we outline upcoming changes to the Construction Industry Scheme, including tougher compliance measures and proposed simplifications due to take effect from April 2026. We also look at Capital Gains Tax considerations for non-UK residents selling UK property, highlighting the conditions under which Private Residence Relief may still be available.
We also summarise significant reforms to the Venture Capital Trust and Enterprise Investment Scheme rules, which will allow qualifying companies to raise more capital, while reminding investors to factor in the reduced level of Income Tax relief. With the 31 January self-assessment filing and payment deadline fast approaching, we include a timely reminder of key obligations, penalties for late submission, and recent HMRC statistics. Finally, our January and February tax diary provides a useful overview of upcoming deadlines to help you plan ahead and stay compliant.
As part of the Budget measures, the government confirmed plans to make some changes to the Construction Industry Scheme (CIS).
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If you live abroad and sell your UK home, you may have to pay Capital Gains Tax (CGT) on any gain made since 5 April 2015.
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The new rules will allow companies to raise more capital under the following schemes although investors will need to factor in reduced VCT Income Tax relief when assessing opportunities.
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There is now less than 1 months to the self-assessment filing deadline for submissions of the 2024-25 tax returns. We urge our readers who have not yet completed and filed their 2024-25 tax return to file as soon as possible to avoid the stress of last-minute preparations as the 31 January 2026 deadline fast approaches.
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Tax Diary January/February 2026
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Kind regards,
Elan & Co
