Finance Bill 2024-25 was published on 7 November 2024. The bill includes legislation for both the reform of the Non-domiciles regime and Remittance Basis, and the amendments to the Furnished Holiday Letting regime.
CONTENTS PART 1 INCOME TAX, CAPITAL GAINS TAX AND CORPORATE TAXES
Income tax charge, rates etc
1 Income tax charge for tax year 2025-26
2 Main rates of income tax for tax year 2025-26
3 Default and savings rates of income tax for tax year 2025-26
4 Freezing starting rate limit for savings for tax year 2025-26
Income tax provisions relating to cars
5 Appropriate percentage for cars: tax year 2028-29
6 Appropriate percentage for cars: subsequent tax years
Capital gains tax rates and reliefs
7 Main rates of CGT for gains other than carried interest gains
8 Business asset disposal relief: increase in rate
9 Investors’ relief: increase in rate
10 Investors’ relief: reduction in amount qualifying for relief
11 Sections 7 to 10: transitional provision 12 Rate of CGT for carried interest gains
Corporation tax charge and rates
13 Charge and main rate for financial year 2026
14 Standard small profits rate and fraction for financial year 2026
Oil and gas
15 Increase in rate of energy (oil and gas) profits levy
16 Relief from levy for investment expenditure 17 Extending the period for which levy has effect
18 Decommissioning of carbon storage installations
19 Pillar Two
20 Offshore receipts in respect of intangible property
21 Application of PAYE in relation to internationally mobile employees etc.
22 Advance pricing agreements: indirect participation in financing cases
Reliefs for businesses
23 Expenditure on zero-emission cars
24 Expenditure on plant or machinery for electric vehicle charging point
25 Commercial letting of furnished holiday accommodation
26 Films and television programmes: increased relief for visual effects
27 Certification of films etc: minor amendments
28 Films etc: unpaid amounts
29 Research and development relief: Northern Ireland companies
30 Research and development intensity condition: transitional provision
Employee-ownership trusts
31 Employee-ownership trusts Miscellaneous measures
32 Overseas transfer charge: pension schemes in EEA state or Gibraltar
33 Overseas pension schemes established in EEA states
34 Pension scheme administrators required to be resident in United Kingdom
35 Alternative finance: diminishing shared ownership refinancing arrangements
36 Statutory neonatal care pay
PART 2 REPLACEMENT OF SPECIAL RULES RELATING TO DOMICILE
CHAPTER 1 NEW RULES FOR FOREIGN INCOME AND GAINS OF INDIVIDUALS BECOMING UK RESIDENT
37 Claim for relief on foreign income
38 Claim for relief on foreign employment income
39 Claim for relief on foreign gains
CHAPTER 2 ENDING THE SPECIAL TREATMENT OF INDIVIDUALS NOT DOMICILED IN UNITED KINGDOM
40 Remittance basis not available after tax year 2024-25
41 Temporary repatriation facility
42 Rebasing of assets
CHAPTER 3 TRUSTS ETC
43 Trusts: connected amendments, transitional provision etc
CHAPTER 4 INHERITANCE TAX
44 Excluded property: domicile test replaced with long-term residence test
45 Corresponding change for settled property
46 Consequential, connected and transitional provision
PART 3 OTHER TAXES
Value added tax
47 Removal of exemption for private school fees
48 Charge on pre-paid private school fees
49 Sections 47 and 48: commencement Stamp duty land tax
50 Increased rates for additional dwellings: transactions before 1 April 2025
51 Increased rates for additional dwellings: transactions on or after 1 April 2025
52 Contracts substantially performed before relevant rate change
53 Purchases by companies etc Annual tax on enveloped dwellings
54 Alternative finance: land in England, Scotland or Northern Ireland
55 Alternative finance: land in Wales Stamp duty and stamp duty reserve tax
56 Testing of FMI technologies or practices Inheritance tax
57 Rate bands etc for tax years 2028-29 and 2029-30
58 EBTs: prohibition on applying property for benefit of participators etc
59 EBTs: restriction on proportion of beneficiaries who may be participators etc
60 EBTs: shares entering trust to have been held for two years
61 Agricultural property relief: environmental management agreements
62 National Savings Bank: statements from HMRC no longer to be required
Alcohol duty
63 Rates of alcohol duty
64 Abolition of duty stamps for alcoholic products
Tobacco products duty
65 Rates of tobacco products duty Taxes relating to vehicles
66 Rates of vehicle excise duty for light passenger or light goods vehicles etc
67 Rates of vehicle excise duty for rigid goods vehicles without trailers etc
68 Rates of vehicle excise duty for rigid goods vehicles with trailers
69 Vehicle excise duty for vehicles with exceptional loads etc
70 Vehicle excise duty: zero-emission vehicles
71 Rates of HGV road user levy
72 Rates of air passenger duty until 1 April 2026
73 Rates of air passenger duty from 1 April 2026
Environmental taxes
74 Rates of climate change levy
75 Rates of landfill tax
76 Rate of aggregates levy
77 Rate of plastic packaging tax
Soft drinks industry levy
78 Rates of soft drinks industry levy
PART 4 MISCELLANEOUS AND FINAL
Avoidance
79 Limited liability partnerships
80 Loans to participators
Crytpo-asset reporting framework
81 OECD crypto-asset reporting framework
Preparing for new taxes and information sharing
82 Duty on vaping products
83 Carbon border adjustment mechanism
Wrong cross-reference etc
84 Correction of wrong cross-reference etc
Final
85 Interpretation
86 Short title
Schedule 1 — Consequential provision in connection with section 7
Schedule 2 — Sections 7 to 10 : transitional provision Transitional provision in consequence of section 7 and Schedule 1 Part 1 — Part 2 — Anti-forestalling provisions: sections 7(3) and 10(2) Anti-forestalling provisions: sections 8(3) and (6) and 9(4) and (8) Part 3 —
Schedule 3 — Payments into decommissioning funds
Schedule 4 — Pillar two Part 1 — Introduction Part 2 — Undertaxed profits rule Part 3 — Others
Schedule 5 — Furnished holiday lettings Part 1 — Amendments relating to income tax Part 2 — Amendments relating to corporation tax Part 3 — Amendments relating to capital allowances Part 4 — Amendments relating to chargeable gains Part 5 — Commencement and transitional provision
Schedule 6 — Employee-ownership trusts Part 1 — Capital gains tax Part 2 — Income tax
Schedule 7 — Diminishing shared ownership refinancing arrangements Relief on foreign employment income: consequential and transitional provision
Schedule 8 — Part 1 — General consequential amendments Part 2 — Consequential amendments relating to PAYE Part 3 — Transitional provision Schedule 9 — Income tax and capital gains tax:remittance basis and domicile Part 1 — Remittance basis Part 2 — Removal of domicile (primary legislation) Part 3 — Removal of domicile (secondary legislation)
Schedule 10 — Temporary repatriation facility Part 1 — Temporary repatriation facility charge Part 2 — Exemptions etc for designated qualifying overseas capital Part 3 — Effect of designation on when amounts remitted etc
Schedule 11 — Rebasing of assets
Schedule 12 — Trusts: connected amendments, transitional provision etc Part 1 — Settlements (income) Part 2 — Transfer of assets abroad Part 3 — Settlements (chargeable gains) Part 4 — Commencement and transitional provision
Schedule 13 — Inheritance tax Part 1 — Amendments to IHTA 1984 and related legislation Part 2 — Commencement and transitional provision
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