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

Part 3Other taxes

Value added tax

47Removal of exemption for private school fees

(1)

VATA 1994 is amended as follows.

(2)

In Schedule 9 (exemptions)—

(a)

in Group 6 (education)—

(i)

in item 3(b)(i), after “5A” insert “(or would be so exempt but for item 1 or 2 of Part 3)”;

(ii)

in item 4, after “item 1” insert “(whether or not that supply also falls within item 1 or 2 of Part 3)”;

(b)

after Part 2 (the groups) insert—

“Part 3Exceptions

Item No.

1

The provision of education by a private school, other than—

  1. (a)

    the provision of the teaching of English as a foreign language,

  2. (b)

    the provision of education in a nursery class, or

  3. (c)

    the provision of a higher education course.

2

The provision of vocational training by a private school.

3

The provision of board and lodging which is closely related to a supply of a description falling within item 1 or 2.

Notes:

  1. (1)

    A “private school” means an institution which is either—

    1. (a)

      a school—

      1. (i)

        at which full-time education is provided for pupils of compulsory school age or, in Scotland, school age (whether or not such education is also provided for pupils under or over that age),

      2. (ii)

        where fees or other consideration are payable for that provision of full-time education, and

      3. (iii)

        which is not a nursery school, or

    2. (b)

      an institution—

      1. (i)

        which is wholly or mainly concerned with providing education suitable to the requirements of persons over compulsory school age (or, in Scotland, school age) but under 19,

      2. (ii)

        at which full-time education is provided for such persons,

      3. (iii)

        where the provision of full-time education falling within sub-paragraph (ii) is wholly or mainly provision in respect of which fees or other consideration are payable, and

      4. (iv)

        which is not an independent training or learning provider.

  2. (2)

    In Note (1)(b) an “independent training or learning provider” means an institution—

    1. (a)

      at which education or training is provided for persons over compulsory school age (or, in Scotland, school age) but under 19 under a contract with a relevant contracting authority, and

    2. (b)

      where the consideration for the provision falling within paragraph (a) is payable by the relevant contracting authority under that contract.

  3. (3)

    For the purposes of Note (2), a “relevant contracting authority” means the Secretary of State, Medr (Commission for Tertiary Education and Research), the Department for the Economy in Northern Ireland or Skills Development Scotland.

  4. (4)

    For the purposes of items 1 and 2, the provision of education or vocational training at a private school by any eligible body other than a private school is to be treated as provision by a private school if—

    1. (a)

      the eligible body and that private school are connected within the meaning of section 1122 of the Corporation Tax Act 2010 (connected persons), or

    2. (b)

      the provision by the eligible body is a result of arrangements the main purpose, or one of the main purposes, of which is to secure that the provision is an exempt supply.

  5. (5)

    For the purposes of Note (4)—

    1. (a)

      “arrangements” include any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable), and

    2. (b)

      an “eligible body” has the meaning given by Note (1) to Group 6.

  6. (6)

    For the purposes of item 1—

    1. (a)

      a “nursery class” means a class that is composed wholly (or almost wholly) of children who—

      1. (i)

        are under compulsory school age or, in Scotland, school age, and

      2. (ii)

        would not be expected to attain that age while in that class, and

    2. (b)

      a “higher education course”—

      1. (i)

        in relation to England and Wales, has the meaning given by section 83(1) of the Higher Education and Research Act 2017;

      2. (ii)

        in relation to Scotland, means a course of any description mentioned in section 5(3) of the Further and Higher Education (Scotland) Act 2005;

      3. (iii)

        in relation to Northern Ireland, means a course of any description mentioned in paragraph 1 of Schedule 1 to the Further Education (Northern Ireland) Order 1997 (S.I. 1997/1772 (N.I. 15)).

  7. (7)

    For the purposes of item 2 “vocational training” has the meaning given by Note (3) to Group 6.

  8. (8)

    In these Notes, “compulsory school age”, “pupil”, “school” and “school age” have the meanings given by the Education Act 1996, the Education (Scotland) Act 1980 and the Education and Libraries (Northern Ireland) Order 1986 (S.I. 1986/594 (N.I. 3)) in relation to England and Wales, Scotland and Northern Ireland respectively.”

(3)

In section 31 (exempt supplies), in subsection (1), for “Schedule 9” substitute “Part 2 of Schedule 9 and it is not of a description specified in Part 3 of that Schedule”.

(4)

In section 8 (reverse charge on supplies received from abroad), in subsection (4A), for “Schedule 9” substitute “Part 2 of Schedule 9 and not specified in Part 3 of that Schedule”.

(5)

In section 43 (groups of companies), in subsection (2A)—

(a)

in paragraph (b), for “Schedule 9” substitute “Part 2 of Schedule 9 or are within any of the descriptions specified in Part 3 of that Schedule”;

(b)

in paragraph (c) for “Schedule 9” substitute “Part 2 of Schedule 9 or which do fall within any of the descriptions specified in Part 3 of that Schedule”.