23 Jul 2025The government recently published draft legislation for Finance Bill 2025-26 for consultation. The legislation includes an Inheritance Tax (IHT) overhaul; measures intended to refine and simplify the Making Tax Digital for Income Tax (MTD for IT) penalty reform regimes; change tax adviser regulation; and carried interest. Most measures included in the draft Finance Bill comprise a tax information and impact note (TIIN), which sets out what the policy seeks to achieve, and a summary of the expected impacts; draft legislation; and an explanatory note which provides a more detailed guide to the legislation. The consultation closes on 15 September 2025. The final contents of the next Finance Bill will be decided by Chancellor Rachel Reeves.