Powered by Lexis+®
Jurisdiction(s):
United Kingdom

Finance Bill 2025: UK tax measures, commencement dates and omissions — CGT and SDLT rises, VAT on private school fees, non-domiciled and IHT reforms, Pillar Two updates, EPL changes

Published on: 08 November 2024

Published by a LexisNexis Tax expert
Legal News
Article summary

FB 2025 has now been released, accompanied by explanatory notes. It received its first reading on 6 November 2024 and will continue its passage through Parliament. The Bill runs to 280 pages, containing 86 clauses and 13 Schedules. Clause 86 provides that the short title is the Finance Act 2025. Any clause and Schedule references in this analysis use the numbering as at introduction. Draft provisions for three measures in FB 2025 were initially issued on Legislation Day (L Day) on 29 July 2024. These comprised:

  • the abolition of the furnished holiday lettings regime (as announced in the Spring Budget 2024)
  • the introduction of an anti-arbitrage limit on the transitional country-by-country reporting safe harbour within the UK’s Pillar Two rules
  • the removal of the value added tax (VAT) exemption for private school fees

FB 2025 also features measures first flagged before the Autumn Budget 2024, including:

  • changes to the tax treatment of carried interest (with a consultation launched on L Day, the government’s response subsequently published, and a further consultation commenced on options for additional qualifying)

...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Popular documents

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Read More Right Arrow

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Read More Right Arrow

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Read More Right Arrow

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...

Read More Right Arrow