in this week’s Enews, there is news on what businesses want to see from the Autumn Budget. There is also the introduction of Vaping Products Duty next year and a reminder to young people to claim their tax-free savings to update you on.
Budget must give UK business a competitive edge
The Autumn Budget must sharpen the UK’s competitive edge to stay ahead of the pack in an increasingly dog eat dog world, says the British Chambers of Commerce (BCC).
The BCC is calling for immediate action to cut the costs deterring investment, simplify regulations to unleash business and update its strategic offer.
The business group makes over 40 recommendations in a new report.
These include committing to no further increase in taxes that add to labour costs.
It also wants to see the axing of the windfall tax on oil and gas to address energy costs for business and the government providing a clear strategy for the North Sea’s transition to a renewable future.
In addition the BCC says the Budget should put rocket boosters under our economic diplomacy to unlock the full potential of ‘Brand Britain’.
Shevaun Haviland, Director General of the BCC, said:
‘There is also growing speculation about what’s coming in the Autumn Budget, which is still weeks away. This is eroding business confidence further as the government’s messaging of ‘tough choices’ adds to the fear.
‘But the Budget can be the decisive moment we need to back British business and put the economy on the front foot.
‘The UK is bursting at the seams with innovative ‘can-do’ businesses that are eager to grow and make the most of the UK’s extraordinary talent, creativity and technical expertise.’
Internet link: BCC website
Countdown to Vaping Products Duty begins
There is now less than a year until the UK Government introduces Vaping Products Duty (VPD) and vaping duty stamps (VDS) on 1 October 2026.
VPD, a new excise duty, will apply to all vaping liquids (or e-liquids) sold or supplied in the UK, at a flat rate of £2.20 per 10ml and VDS must be attached to individual vaping products.
From 1 April 2026, any business involved in the manufacture or importation of vaping products, or storage of duty-suspended vaping products, must apply for approval from HMRC. This will enable them to continue operating lawfully in the UK once VPD and the VDS Scheme come into effect.
With just six months until approval registration opens, HMRC is urging all affected businesses to prepare now to avoid disruption as approval may take up to 45 working days.
What this means for businesses:
- UK manufacturers of vaping products must apply for approval for both VPD and the VDS Scheme.
- Warehouse keepers will be able to apply for VDS Scheme approval directly.
- Overseas manufacturers must appoint a UK representative to apply for the VDS Scheme on their behalf.
- Importers will be required to pay the new duty. They must also register for VPD and the VDS Scheme if they are acting as a UK representative for an overseas manufacturer.
Rachel Nixon, HMRC’s Director of Indirect Tax, said:
‘We are working closely with the vaping sector ahead of these changes. Businesses are encouraged to visit GOV.UK and search ‘prepare for vaping duty’ to access guidance and updates. Early preparation is essential to ensure a smooth transition and to avoid disruption to operations.’
Internet link: HMRC press release
Over 750,000 young people yet to claim savings
Over 750,000 18-to-23-year-olds have yet to claim their matured Child Trust Funds, according to HMRC.
The tax authority says that the accounts are worth £2,242 each on average.
Child Trust Funds are long term, tax-free savings accounts which were set up for children born between 1 September 2002 and 2 January 2011 with an initial government deposit of at least £250.
Young people can take control of their account at 16, but once the account holder turns 18 it matures, and they can decide whether they want to withdraw the money or re-invest it.
Young people can use the GOV.UK locator tool to find their Child Trust Fund quickly and for free. It requires the young person’s National Insurance number and date of birth.
More than 563,000 young people went online to find their Child Trust Fund in the 12 months to the end of August 2025, says HMRC.
It takes about five minutes to submit a request to find a Child Trust Fund using the online tool and, for most, less than three weeks to hear back.
Angela MacDonald, HMRC’s Second Permanent Secretary and Deputy Chief Executive, said:
‘If you’re between 18 and 23, you could be sat on a savings payout and not even realise it. Just search ‘find my Child Trust Fund’ on GOV.UK to find your savings account today.’
Internet link: HMRC press release
