UK Could Fall Behind in Net Zero Race Explained

UK could fall behind in net zero race, BCC warns


The British Chambers of Commerce (BCC) has warned that the UK could fall behind in the race to achieve net zero.

Research carried out by global management consulting firm McKinsey and Company showed that the transition to net zero could potentially be worth more than £1 trillion to UK business by 2030.

A survey of more than 2,000 firms revealed that 43% believe costs are ‘significant barriers’ in transitioning to net zero. 34% stated a lack of finance prevented them from transitioning.

The BCC has called on the government to address gaps in funding; combat skills shortages; and ensure stability in regard to policies.

Shevaun Haviland, Director General of the BCC, said:

‘The UK has the businesses, ideas and talent to lead the world in low-carbon innovation.

‘But without urgent action, we risk falling behind in the global race for green growth.

‘We need ministers to work with business to tear down the barriers on finance, skills and policy that are holding too many firms back.’

Internet link: BCC

CIOT calls for implementation of IHT transitional gifting rule


The Chartered Institute of Taxation (CIOT) has urged the government to implement a transitional rule to allow older farmers and other business owners to gift assets to the younger generation free of Inheritance Tax (IHT) before changes take effect in April 2026.

Current rules incentivise farmers to keep their farms until their deaths, the CIOT stated in a submission to an inquiry by the House of Lords. Its proposed changes would reverse these incentives and promote lifetime giving.

However, for older farmers where there is a risk that they could die within seven years of making a lifetime gift (but after April 2026), the gift would be ineffective for IHT purposes. According to the CIOT, a ‘cliff edge’ is thus created on 6 April 2026.

It has suggested that the risk could be mitigated by amending legislation so that any gifts of relievable assets made between 30 October 2024 and 5 April 2026 would continue to benefit from the old rules even if the farmer died within seven years.

John Barnett, Vice President of the CIOT, said:

‘We are concerned that bringing in changes to agricultural and business reliefs with a cliff-edge date of 6 April 2026 is leading to great anxiety among older clients as they are unlikely to survive seven years and therefore are unlikely to see making gifts as a solution.

‘We think that there is a straightforward and relatively low-cost transitional rule that could address this concern: allowing gifts made between now and April to continue to qualify for the 100% relief currently available. 

‘While this is not a complete solution to the problem – there may be some for whom making a gift is impractical or impossible if they have lost capacity – it should significantly reduce the risk as it gives a viable and straightforward alternative.’

Internet link: CIOT

Bank deposit protection limit to be increased to £120,000


UK bank customers will benefit from an increase to the maximum amount they would be reimbursed for if their bank were to fail from 1 December, the Prudential Regulation Authority (PRA) has confirmed.

From December, the deposit protection limit, which applies to the Financial Services Compensation Scheme, will protect up to £120,000 of a depositor’s money should their bank, building society or credit union fail.

This increases the limit from the current £85,000 which was set in 2017. It is also more than the previous PRA proposal of £110,000, which the regulator has changed due to consultation feedback and the latest inflation data.

This increase in the deposit protection limit is the latest in a series of regulatory thresholds to be updated by the PRA.

Sam Woods, Deputy Governor for Prudential Regulation at the Bank of England and CEO of the PRA said:

‘This change will help maintain the public’s confidence in the safety of their money. It means that depositors will be protected up to £120,000 should their bank, building society or credit union fail. Public confidence supports the strength of our financial system.’

Internet link: Bank of England

2025 Tax Card


Our accountant’s tax card (sometimes called a budget tax card, tax facts card, or tax rate card) is a summary sheet given by McGinty Demack to its clients after a government budget is announced. Its purpose is to give a quick, clear overview of the new tax rules, rates, and thresholds that apply for the coming tax year so clients can plan accordingly.

Download a tax card

What we typically include

Although formats vary year on year, a standard post-budget tax card usually includes:

  1. Income Tax Information

  • New tax bands and thresholds
  • Rates for each band
  • Personal allowance / standard deduction changes
  • Any surtaxes or temporary levies

  1. National Insurance / Social Security Rates

  • Employee and employer contribution rates
  • Thresholds for contributions
  • Changes announced in the budget

  1. Corporation Tax

  • Corporation tax rate(s)
  • Small-profits rate / marginal relief (if applicable)
  • Relevant allowances, reliefs, or incentives

  1. Capital Gains Tax

  • Annual exempt amount
  • CGT rates for individuals and trusts
  • Property-related CGT rates (if different)

  1. Value Added Tax (VAT) / Sales Tax

  • Standard, reduced, and zero rates
  • Registration thresholds
  • Flat-rate scheme updates, if applicable

  1. Payroll & Employment-Related Rates

  • Minimum wage / living wage rates
  • Statutory payments: maternity, paternity, sick pay
  • Employer allowances

  1. Allowances & Reliefs

  • Pension contribution limits
  • ISA / tax-advantaged savings limits
  • Inheritance tax thresholds
  • Business reliefs (R&D credits, capital allowances, etc.)

Download our Tax Card

If you need any assistance in points relevant to you please do not hesitate to contact us

2025 Budget Report



The 2025 Autumn Budget Report

Here is our review of the autumn 2025 budget delivered by Rachel Reeves Chancellor of the Exchequer on Wednesday 26th of November 2025.

Download the 2025 Budget review

It has been an unusual budget with many points pre-released prior to the presentation in the house of commons on Wednesday and also an accidental leak of the budget document online shortly before Rachel reached Centre stage. The budget has been described as I spend now pay later piece but only time will tell whether this provides economic stability as well as a fairer  society which Rachel Reeves aimed to do. Look out for our follow-up points on specific budget details in our newsfeed in the coming weeks.

Our clients who hold rental properties personally will certainly see changes not only with the legal changes giving renters more rights but also facing a 2p increase in tax rates on the rental income they receive. Read our 2025 Budget Report

If you need any further information or assistance please use our contacts page to get in touch

 

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