FS Tax Newsletter

In this edition of our Financial Services Tax Newsletter, we focus on the latest developments as we approach Budget 2025. With the pre-Budget atmosphere in full swing, the recent release of the Tax Strategy Group (TSG) papers provides a valuable glimpse into potential tax policy changes. The TSG, established in the early 90s and composed of senior officials and political advisers from various civil service departments, offers a range of options and issues for consideration. While the TSG itself is not a decision-making body, their insights often signal possible directions in tax policy.

In this newsletter, we’ve highlighted the key points from the nine papers released by the TSG. You'll also find a detailed analysis on the R&D tax credit regime and other incentives, along with an exploration of major focus areas for Budget 2025, including the ongoing housing crisis, the personal tax system, and the taxation of SMEs.

With the Budget set for October 1st, we’re already preparing a special post-Budget edition of the FS Tax Newsletter to cover the key tax changes impacting the Financial Services industry.

As always, we hope you find this publication informative. If you’d like to discuss any of the topics in more detail, our team is here to help.