HMRC have updated the International Exchange of Information Manual to publish updated guidance on both the Common Reporting Standard (CRS) and the Crypto-Asset Reporting Framework (CARF). The ‘Automatic Exchange of Financial Accounts Information’ section of the manual at IEIM400000 et seq. has been amended to reflect forthcoming changes to the CRS, as well as other amendments to improve the guidance. The amendments are widely referred to as ‘CRS 2.0’ and come into effect in the UK from 1 January 2026. Note that a new and significantly increased penalty regime came into effect from 16 July this year (2025) and the guidance contains further details. The manual has also been updated with a new section for adoption of the OECD’s CARF. IEIM800001 et seq. includes HMRC’s guidance on the new regime and is aligned to the OECD’s CARF Commentary. CARF applies the same penalty regime as CRS, and Crypto-Asset Service Providers who execute customer transactions without the correct documentation risk a £300 per customer penalty after 1 January 2026. Related changes were also made to HMRC’s CRYPTO manuals to cross-refer to CARF.
HMRC’s International Exchange of Information Manual updated for CRS 2.0 and Crypto-Asset Reporting Framework
Welsh Draft Budget - Stage two
The Detailed Welsh Draft Budget 2026/27 report was published on 3 November 2025, following the earlier release of the Outline of the Welsh Draft Budget. This is part of a two-stage Draft Budget process. In the first stage, funding and taxation decisions and departmental allocations were outlined. The second stage, now published, sets out the draft spending plans. The Final Budget is scheduled to be published on 20 January 2026. Alongside the detailed Budget, the Welsh Government published a consultation with proposals intended “to clarify, enhance and future-proof the Welsh Tax Acts”.
KPMG UK’s October 2025 Middle East Economic Outlook published
KPMG UK’s economics team have published their latest forecast for the Gulf Cooperation Council (GCC) region. It looks at the potential impact of increasing global trade frictions, shifting labour market strength, inflation and interest rates and the implications for several GCC economies' public finances.