Legislation – Finance Act 2025

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Introduction

Part 1
Income tax, capital gains tax and corporate taxes

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

5 Appropriate percentage for cars: tax year 2028-29

6 Appropriate percentage for cars: subsequent tax years

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

13 Charge and main rate for financial year 2026

14 Standard small profits rate and fraction for financial year 2026

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

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

31 Employee-ownership trusts

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

47 Removal of exemption for private school fees

48 Charge on pre-paid private school fees

49 Sections 47 and 48: commencement

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

54 Alternative finance: land in England, Scotland or Northern Ireland

55 Alternative finance: land in Wales

56 Testing of FMI technologies or practices

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

63 Rates of alcohol duty

64 Abolition of duty stamps for alcoholic products

65 Rates of tobacco products duty

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 Rate of vehicle excise duty for haulage vehicles other than showman’s vehicles

71 Vehicle excise duty: zero-emission vehicles

72 Rates of HGV road user levy

73 Rates of air passenger duty until 1 April 2026

74 Rates of air passenger duty from 1 April 2026

75 Rates of climate change levy

76 Rates of landfill tax

77 Rate of aggregates levy

78 Rate of plastic packaging tax

79 Rates of soft drinks industry levy

Part 4
Miscellaneous and final

80 Limited liability partnerships

81 Loans to participators

82 OECD crypto-asset reporting framework

83 Duty on vaping products

84 Carbon border adjustment mechanism

85 Correction of wrong cross-reference etc

86 Interpretation

87 Short title

SCHEDULES

Schedule 1 Consequential provision in connection with section 7

Schedule 2 Sections 7 to 10 : transitional provision

Schedule 3 Payments into decommissioning funds

Schedule 4 Pillar two

Schedule 5 Furnished holiday lettings

Schedule 6 Employee-ownership trusts

Schedule 7 Diminishing shared ownership refinancing arrangements

Schedule 8 Relief on foreign employment income: consequential and transitional provision

Schedule 9 Income tax and capital gains tax: remittance basis and domicile

Schedule 10 Temporary repatriation facility

Schedule 11 Rebasing of assets

Schedule 12 Trusts: connected amendments, transitional provision etc

Schedule 13 Inheritance tax

Schedules

Schedule 8Relief on foreign employment income: consequential and transitional provision

Section 38(2)

Part 1General consequential amendments

1

(1)

ITEPA 2003 is amended as follows.

(2)

In section 28 (meaning of “general earnings from overseas Crown employment subject to UK tax”), in subsection (2)(b), after “or of” insert “Wales, Scotland or”.

(3)

In section 225 (payments for restrictive undertakings), for subsection (6) substitute—

“(6)

This section only applies where—

(a)

if there are general earnings from the employment that are earned in, or otherwise in respect of, the tax year mentioned in subsection (3), subsection (7) applies to any of those general earnings, or

(b)

it is reasonable to assume that, if there were such general earnings, subsection (7) would apply to any of those general earnings.

(7)

This subsection applies to general earnings if either—

(a)

section 15 applies to the general earnings and the general earnings are not—

(i)

qualifying foreign general earnings within the meaning of section 41U (qualifying foreign general earnings), or

(ii)

general earnings to which section 22 or section 26 would apply if the individual made a claim under section 809B of ITA 2007 (claim for the remittance basis) for the tax year mentioned in section 22(1) or 26(1) (being a tax year before tax year 2025-26), or

(b)

section 27 applies to the general earnings.”

(4)

In section 290E (calculation of earnings rate for a tax year), in subsection (4), for “non-domiciled”, in each place it occurs, substitute “non-resident or qualifying new resident”.

(5)

In section 333 (scope of this chapter: expenses paid by the employee), in subsection (3)(b), for “non-domiciled” substitute “qualifying new resident”.

(6)

In section 341 (travel at start or finish of overseas employment), in subsection (4), for the words from “domiciled” to the end substitute “not a qualifying new resident for the purposes of Chapter 5C of Part 2 of this Act or Chapter 5 of Part 8 of ITTOIA 2005 (see section 845B of that Act).”

(7)

In section 342 (travel between employments where duties performed abroad), in subsection (7), for the words from “domiciled” to the end substitute “not a qualifying new resident for the purposes of Chapter 5C of Part 2 of this Act or Chapter 5 of Part 8 of ITTOIA 2005 (see section 845B of that Act).”

(8)

In section 355 (deductions for corresponding payments by non-domiciled employees)—

(a)

in the heading, for “non-domiciled” substitute “qualifying new resident”;

(b)

in subsection (2), for the words from “not domiciled” to the end substitute “a qualifying new resident for the purposes of Chapter 5C of Part 2 of this Act or Chapter 5 of Part 8 of ITTOIA 2005 (see section 845B of that Act).”

(9)

In section 360 (disallowance of certain accommodation expenses of MPs), in subsection (1), for “non-domiciled” substitute “non-resident or qualifying new resident”.

(10)

In section 370 (travel costs and expenses where duties performed abroad), in subsection (6), for paragraph (b) substitute—

“(b)

either—

(i)

if the tax year is tax year 2024-2025 or an earlier tax year, would be taxable earnings under section 15 even if the employee made a claim under section 809B of ITA 2007 (claim for remittance basis) for that year, or

(ii)

if the tax year is tax year 2025-2026 or a later tax year and the employee is a qualifying new resident for the purposes of Chapter 5C of Part 2 for that tax year, are not qualifying foreign general earnings within the meaning of section 41U (qualifying foreign general earnings).”

(11)

In the italic heading before section 373 for “non-domiciled” substitute “non-resident or qualifying new resident”.

(12)

In section 373 (employee’s travel costs and expenses where duties performed in UK)—

(a)

in the heading, for “Non-domiciled” substitute “Non-resident or qualifying new resident”;

(b)

in subsection (1) for “not domiciled in the United Kingdom” substitute “non-UK resident or a qualifying new resident for the purposes of Chapter 5C of Part 2 of this Act or Chapter 5 of Part 8 of ITTOIA 2005 (see section 845B of that Act)”;

(c)

in subsection (4)(a)—

(i)

for “the country” substitute “a country”;

(ii)

after “normally lives” insert “at the time the journey is made”;

(d)

in subsection (4)(b), for “that”, in both places it occurs, substitute “such a”;

(e)

omit subsection (7).

(13)

In section 374 (spouse’s, civil partner’s or child’s travel costs and expenses where duties performed in UK)—

(a)

in the heading, for “Non-domiciled” substitute “Non-resident or qualifying new resident”;

(b)

in subsection (1) for “not domiciled in the United Kingdom” substitute “non-UK resident or a qualifying new resident for the purposes of Chapter 5C of Part 2 of this Act or Chapter 5 of Part 8 of ITTOIA 2005 (see section 845B of that Act)”;

(c)

in subsection (3)(a)—

(i)

for “the country” substitute “a country”;

(ii)

after “normally lives” insert “at the time the journey is made”;

(d)

in subsection (5)(c)—

(i)

for “the country” substitute “a country”;

(ii)

after “normally lives” insert “at the time the journey is made”

(e)

omit subsection (10).

(14)

In section 376 (foreign accommodation and subsistence costs and expenses (overseas employments))—

(a)

in subsection (1)(c), for “domiciled in the United Kingdom” substitute “not a qualifying new resident for the purposes of Chapter 5C of Part 2 of this Act or Chapter 5 of Part 8 of ITTOIA 2005 (see section 845B of that Act)”;

(b)

omit subsection (6).

(15)

In section 395C (meaning of “foreign service” in section 395B), for subsection (4) substitute—

“(4)

In subsection (2) “relevant earnings” means—

(a)

for service in or after the tax year 2025-26, earnings—

(i)

to which section 15 applies, and

(ii)

if the employee is a qualifying new resident for the purposes of Chapter 5C of Part 2 for that tax year, which are not qualifying foreign general earnings within the meaning of section 41U (qualifying foreign general earnings), and

(b)

for service before tax year 2025-26, earnings to which section 15 applies and to which that section would apply even if the employee made a claim under section 809B of ITA 2007 (claim for remittance basis) for that year.”

(16)

In section 413 (exception in certain cases of foreign service), for subsection (3ZA) substitute—

“(3ZA)

In subsection (2A)(a) “relevant earnings” means—

(a)

for service in or after the tax year 2025-26, earnings—

(i)

to which section 15 applies, and

(ii)

if the employee is a qualifying new resident for the purposes of Chapter 5C of Part 2 for that tax year, which are not qualifying foreign general earnings within the meaning of section 41U (qualifying foreign general earnings), and

(b)

for service before tax year 2025-26, earnings to which section 15 applies and to which that section would apply even if the employee made a claim under section 809B of ITA 2007 (claim for remittance basis) for that year.”

2

(1)

ITA 2007 is amended as follows.

(2)

In section 24 (reliefs deductible at Step 2), in subsection (1)(a), after the entry for section 266(7) of ICTA insert—

  • “section 41P of ITEPA 2003 (deduction for amount that reflects qualifying foreign employment income),”.

(3)

In section 989 (the definitions), at the appropriate place insert—

““foreign employment election” means an election under section 41M of ITEPA 2003,”.

3

In Part 8 of Schedule 3 to the Social Security (Contributions) Regulations 2001 (S.I. 2001/1004), in paragraph 5 (travel costs and expenses where duties performed in the United Kingdom) —

(a)

in the heading, for “non-domiciled” substitute “non-resident or qualifying new resident”;

(b)

in paragraph (a), for “non-domiciled” substitute “non-resident or qualifying new resident”.

Part 2Consequential amendments relating to PAYE

4

After section 690C of ITEPA 2003 (employees who were internationally mobile etc. before 2025-2026) (as inserted by section 21 of this Act) insert—

“690DEmployer notification for qualifying new residents

(1)

This section applies in relation to an employee if—

(a)

the employee is or is likely to be a qualifying new resident for a tax year (“the qualifying year”), and

(b)

the employee works or is likely to work outside the UK during the qualifying year.

(2)

The appropriate person may give a notice to an officer of Revenue and Customs at any time during the qualifying year—

(a)

that the employer is proposing to treat the foreign proportion of any qualifying payment made by the employer to the employee as not being PAYE income of the employee for the purposes of PAYE regulations, and

(b)

specifying that proportion.

(3)

For the purposes of this section and section 690E

(a)

a “qualifying payment” means a payment of, or on account of, an amount of employment income of the employee that is likely to be qualifying employment income;

(b)

the “foreign proportion” of a qualifying payment is the proportion of the employment income that, on the basis of the best estimate that can reasonably be made, is likely to be qualifying foreign employment income.

(4)

If a notice given under this section has effect, the proportion of any qualifying payment made by the employer to the employee in any tax year which is to be treated for the purposes of PAYE regulations as not being a payment of PAYE income is the proportion specified in the notice.

(5)

A notice given under this section—

(a)

does not have effect if a direction has previously been given to the appropriate person under section 690E (direction by HMRC in relation to qualifying new residents) in relation to the employee and the qualifying year;

(b)

otherwise, has effect when it is acknowledged by an officer of Revenue and Customs.

(6)

A notice given under this section ceases to have effect if—

(a)

a direction under section 690E is given to the appropriate person in relation to the employee and the qualifying year,

(b)

a subsequent notice is given by the appropriate person under this section and is acknowledged by an officer of Revenue and Customs, or

(c)

a subsequent notice—

(i)

is given by the appropriate person under section 690A (employer notification for internationally mobile employee) on the basis that the employee is or is likely to be non-UK resident in the qualifying year, and

(ii)

is acknowledged by an officer of Revenue and Customs.

(7)

A notice given under this section must be in such manner and form, and contain such information, as may be specified in a general direction made by the Commissioners for His Majesty’s Revenue and Customs.

(8)

Subsection (4) is without prejudice to—

(a)

any assessment in respect of the income of the employee in question, and

(b)

any right to repayment of income tax and any relevant debts overpaid and any obligation to pay income tax underpaid and any relevant debts that remain wholly or partly unpaid.

(9)

For the purposes of this section and section 690E

(a)

where an amount of employment income is treated as PAYE income paid by the employer for the purposes of PAYE regulations by virtue of section 687A or 695A (employment income under Part 7A) or section 696 (readily convertible assets), the employer is to be treated as making payment of that amount of employment income, and

(b)

qualifying new resident”, “qualifying employment income” and “qualifying foreign employment income” have the same meaning as in Chapter 5C of Part 2 (relief for new residents on foreign employment income).

690EDirection by HMRC in relation to qualifying new residents

(1)

This section applies where—

(a)

a notice given during the qualifying year under section 690D has effect, and

(b)

it appears to an officer of Revenue and Customs that the proportion of any qualifying payment made by the employer to the employee that is treated as not being a payment of PAYE income for the purposes of PAYE regulations should not be the proportion specified in the notice.

(2)

An officer of Revenue and Customs may give a direction—

(a)

for determining a proportion of any qualifying payment made by the employer to the employee which is to be treated for the purposes of PAYE regulations as not being a payment of PAYE income, or

(b)

that any such payment is to be treated entirely as PAYE income for the purposes of PAYE regulations.

(3)

A direction under subsection (2)

(a)

must specify the employee and the qualifying year,

(b)

must be given by notice to the appropriate person, and

(c)

may be varied by notice to the appropriate person from a day specified in the notice (which may not be earlier than 30 days from the date on which the notice is given).

(4)

If—

(a)

a direction under subsection (2) has effect, and

(b)

any qualifying payment is made by the employer to the employee in any tax year,

the direction applies to the payment.

(5)

A direction under subsection (2) has effect when it is given.

(6)

A direction under subsection (2) ceases to have effect if a notice has subsequently been—

(a)

given by the appropriate person under section 690A (employer notification for internationally mobile employee) on the basis that the employee is or is likely to be non-UK resident for the qualifying year, and

(b)

acknowledged by an officer of Revenue and Customs.

(7)

Subsection (4) is without prejudice to—

(a)

any assessment in respect of the income of the employee in question, and

(b)

any right to repayment of income tax and any relevant debts overpaid and any obligation to pay income tax underpaid and any relevant debts that remain wholly or partly unpaid.”

Part 3Transitional provision

Individuals no longer meeting section 26A requirement not qualifying new residents

5

(1)

If an individual falling within sub-paragraph (2) would otherwise be a qualifying new resident for tax year 2025-26 for the purposes of Chapter 5C of Part 2 of ITEPA 2003 (relief for new residents on foreign employment income), the individual is to be treated as not being a qualifying new resident for that year for the purposes of that Chapter.

(2)

An individual falls within this sub-paragraph if—

(a)

the individual met the section 26A requirement for tax year 2022-23, and

(b)

section 809B, 809D or 809E of ITA 2007 (remittance basis) applied to the individual for that year or for tax year 2023-24 or 2024-25.

Certain individuals meeting section 26A requirement treated as qualifying new residents

6

(1)

If an individual falling within sub-paragraph (2)

(a)

meets the section 26A requirement for tax year 2025-26 or 2026-27, and

(b)

is not a qualifying new resident for that year for the purposes of Chapter 5C of Part 2 of ITEPA 2003,

the individual is to be treated as a qualifying new resident for that tax year for the purposes of that Chapter.

(2)

An individual falls within this sub-paragraph if—

(a)

the individual met the section 26A requirement for tax year 2023-24 or tax year 2024-25, and

(b)

section 809B, 809D or 809E of ITA 2007 (remittance basis) applied to the individual for that tax year.

Limit on relief not to apply to certain foreign employment relief claims

7

(1)

Section 41R of ITEPA 2003 (limit on relief) does not apply to a foreign employment relief claim made by an individual for a tax year if the claim falls within sub-paragraph (2) or (3).

(2)

A foreign employment relief claim made by an individual for a tax year falls within this sub-paragraph if—

(a)

the qualifying year is tax year 2025-26 or 2026-27, and

(b)

paragraph 6(1) applies to the individual for that tax year.

(3)

A foreign employment relief claim made by an individual for a tax year falls within this sub-paragraph if—

(a)

the qualifying year is tax year 2025-26, 2026-27 or 2027-28,

(b)

paragraph 6(1) does not apply to the individual for that tax year,

(c)

the individual falls within paragraph 6(2), and

(d)

the individual meets the section 26A requirement for tax year 2025-26.

Definitions

8

For the purposes of this Part of this Schedule—

foreign employment relief claim” and “qualifying year” have the same meanings as in Chapter 5C of Part 2 of ITEPA 2003 (relief for new residents on foreign employment income);

the section 26A requirement” means the requirement of section 26A of ITEPA 2003 (requirement for 3-year period of non-residence).