Source Currency: Issue 49, 11 December 2025. News in brief Direct taxes Changes to restitution interest rules in part 8C of the Corporation Tax Act 2010 Indirect taxes HMRC Brief 7/2025—Revised VAT grouping rules and the Skandia judgment HMRC Brief 8/2025—VAT Tour Operators’ Margin Scheme—supplies by private hire vehicle or taxi operators Case summaries—direct taxes Letter Workshop Ltd v HMRC [2025] UKFTT 1403 (TC) James Kaye and ors v Vision Payroll Ltd and ors [2025] EWHC 3034 (Ch) Daniel Cotton v HMRC [2025] UKFTT 1398 (TC) Dr Graeme Madden v Waracle Ltd and anor [2025] EAT 173 The Executor of The Estate of Paul Goudman-Peachey v HMRC [2025] UKFTT 1402 (TC) HMRC v Michael Breen [2025] UKFTT 1415 (TC) Milton Park Holdings Ltd and anor v HMRC [2025] UKFTT 1353 (TC) AD Bly Groundworks and Civil Engineering Ltd and anor v HMRC [2025] EWCA Civ 1443 Jordi Carulla Font v HMRC [2025] EWHC 3057 (Admin) Jwanczuk v Secretary of State for Work and Pensions [2025] UKSC 42 Case summaries—indirect taxes Express Brands Ltd v HMRC [2025] UKFTT 1400 (TC) Places for People Homes Ltd v HMRC [2025] UKFTT 1417 (TC).