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This week, we bring news of HMRC examining loans to participators where tax may not have been properly accounted for, the November 2025 Employment-Related Securities (ERS) Bulletin, and an important Upper Tribunal (UT) decision in the context of employee incentivisation arrangements.

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On 4 November, the Chancellor gave an unprecedented pre-Budget ‘Scene Setter’ speech. This felt somewhat like the typical preamble we are accustomed to on Budget Day itself, immediately before announcements are made. 

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VAT on biscuits, reasonable excuses for late filing and the agency rules are among this week’s hot topics. We have also published another new guide, for subscribers, this time examining the Capital Gains Tax (CGT) and Income Tax consequences of land leases.

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In a slightly quieter news week in the tax world, we look at HMRC’s October Agent Update, the Autumn Budget representations made by some of the professional bodies, and where the UK ranks in terms of international tax competitiveness.

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There are several important updates for employers this week, as HMRC publish their latest Employer Bulletin. In other tax news, we have updates on the Scottish and Welsh Budgets, and three new tax cases, including two Court of Appeal (CoA) decisions.