13 Autumn Budget | 26 November 2025 Carried interest A revised tax regime for carried interest that sits wholly within the income tax framework, will be introduced from 6 April 2026. Value added tax (VAT) VAT registration and deregistration The VAT registration threshold will remain at £90,000 from 1 April 2026. The deregistration threshold will be £88,000. The rates remain unchanged. VAT – private hire vehicle operators Private hire vehicle operators (PHVOs) will be excluded from the tour operators’ margin scheme (TOMS) to prevent them from reducing their VAT rate. The change will apply to all PHVOs in London and all PHVOs who operate as ‘principal’ nationally from 2 January 2026. VAT – business donations to charity A relief for business donations of goods to charity for onward distribution or use in the delivery of their services will be introduced from 1 April 2026. Cross-border VAT grouping Unconditional whole entity cross-border VAT grouping will be restored from 26 November 2025. Tax administration E-invoicing Businesses will have to issue all their VAT invoices in a specified electronic format from April 2029. The government will work with stakeholders to develop an implementation roadmap to be published at Budget 2026.
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