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ARTICLE · 22 OCTOBER 2026

Money Covered: The Week That Was – 2 October 2026

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The Institute of Chartered Accountants in England and Wales warns that a record 1.8 million UK taxpayers could receive simple assessment tax bills from HMRC this year, driven by frozen personal allowances, the state pension triple lock, and higher interest rates. The Prudential Regulation Authority provides thematic feedback on auditors' IFRS 9 reports, while the Financial Conduct Authority releases new retirement income market data and finalised guidance on crypto asset firm risk assessments.

United KingdomAccounting and Audit
Lauren Butler
Lauren Butler
Haiying Li
Haiying Li
Daniel Parkin
Daniel Parkin
Dorian Nunzek
Dorian Nunzek
David Allinson
David Allinson
Rachael Healey
Rachael Healey

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Headline development 

The Institute of Chartered Accountants in England and Wales (ICAEW) warns over rising simple assessment letters

On 21 September 2026, the ICAEW warned a record 1.8m taxpayers in the UK that they could receive a “simple assessment” tax bill from HMRC this year. Simple assessment letters, also known as PA302s, are sent to people who are not in self assessment but have underpaid tax that cannot be collected through PAYE. They often relate to tax due on the state pension and interest from banks and building societies.

His Majesty's Revenue and Customs (HMRC) issued around 675,000 of these simple assessment letters five years ago, but numbers have climbed sharply. The ICAEW points to several drivers, including the personal allowance remaining frozen at £12,570, the effect of the state pension triple lock, and higher interest rates since the COVID-19

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