The Tax News in Brief for 16 September 2026 highlights HMRC’s latest one-to-many campaign focusing on trust and estate tax compliance. HMRC is issuing nudge letters to trustees and personal representatives where discrepancies have been identified between Trust Registration Service data and tax returns. The brief also covers updates to VAT penalty regimes and new HMRC guidance on cryptoasset taxation for trusts.
Key Takeaways
- Trust Compliance Focus: HMRC is cross-referencing Trust Registration Service entries with SA900 returns, targeting undeclared income and gains within trust structures.
- VAT Penalty Regime Updates: New late submission and late payment penalties for VAT periods starting on or after 1 January 2026 are now fully operational, with points-based thresholds.
- Cryptoasset Guidance for Trustees: HMRC has published specific guidance on the tax treatment of cryptoassets held in trust, including valuation and disposal reporting requirements.
Disclaimer: This article is compiled and summarized by the AI based on publicly available information and is for general information purposes only. It does not constitute any form of formal tax advice, legal opinion, or basis for performance. Please consult a qualified professional tax advisor or legal counsel for tax advice.
Source: Read Official Announcement