Weekly tax highlights ― 24 March 2025

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

Direct taxes

Finance Act 2025 enacted

Finance Act 2025 received Royal Assent on 20 March 2025.

Royal Asset to Finance Act 2025 was notified in the House of Commons on 20 March 2025 at 13.39 and in the House of Lords at 15.37.

R&D ERIS guidance updated for Northern Ireland companies

HMRC has published revised guidance covering the enhanced R&D intensive support scheme for companies based in Northern Ireland, following changes around limits enacted in FA 2025.

HMRC has updated the following R&D guidance pages, specifically to add details for companies based in Northern Ireland. The updated guidance coincides with Royal Assent to Finance Act 2025, section 29 of which changes the way ‘Chapter 2’ enhanced R&D intensive support for loss-making SMEs applies for Northern Ireland companies for claims on or after 30 October 2024 (in essence, refining the cap on claims by bringing in ‘other de minimis support’ received by the company):

•
Research and Development tax relief: the merged scheme and enhanced intensive support ― new sections have been added for companies

This content is no longer in use on Tolley+™ Guidance

To view our latest tax guidance content,
sign in to Tolley+™ Guidance or register for a free trial.

Existing user? Sign-in TAKE A FREE TRIAL TAKE A FREE TRIAL

Popular Articles

Personal Tax

Foreign tax relief

Foreign tax reliefIncome and gains may be taxable in more than one country. The UK has three ways of ensuring that the individual does not bear a double burden:1)treaty tax relief may reduce or eliminate the double tax2)if there is no treaty, the individual can claim ‘unilateral’ relief by deducting

14 Jul 2020 11:44 | Produced by Tolley Read more

Tax Returns

Corporation Tax

Double tax relief

Double tax reliefWhen income arises in a foreign country to a UK resident company and that income is taxable in that foreign country, the UK may give the company relief for the foreign tax by crediting the foreign tax against the UK tax charged on that income. This might include withholding tax on

14 Jul 2020 11:31 | Produced by Tolley Read more

Employment Tax

Long service awards

Long service awardsEmployee recognition by an employer can be an important motivational tool, as well as having a positive effect on retention. Most employer awards made to an employee are treated as taxable earnings under ITEPA 2003, s 62 or as a benefit under ITEPA 2003, s 201 because they are

14 Jul 2020 12:11 | Produced by Tolley Read more

��Ƶ