Owner-Managed Businesses

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses Guidance

In the first Budget speech delivered by a female Chancellor, Rachel Reeves, proposals to raise £40bn in taxes were announced.

The key changes and announcements made on 30 October 2024 are discussed below.

Personal taxes Abolition of the remittance basis from 6 April 2025

The Chancellor confirmed that the remittance basis will be abolished from 6 April 2025 and replaced with the foreign income and gains regime (FIG regime). A detailed technical paper and 103 pages of draft legislation for the Finance Bill 2025 have been published.

In summary, the four-year FIG regime will be implemented, allowing individuals in their first four years of UK tax residence to pay no UK tax on foreign income and gains arising in those years, including distributions from offshore trusts, subject to specific exceptions (see paras 37-38 of the technical paper). To benefit, individuals must make a claim each tax year and had not been UK residents in the 10 years prior to their arrival.

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Areas of Taxation

Select all that apply:

• Corporate Tax
• Employment Taxes
• IHT, Trusts & Estates
• Owner-Managed Businesses
• Personal Tax
• VAT

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Corrections and amendments to the IHT account

This guidance explains how to handle changes to taxable values in the original inheritance tax account. Amendments arise when the IHT account is first submitted based on early available information.

Last updated: 14 Jul :20 Produced by Tolley

Corporation Tax Research and Development (R&D) Relief - Overview

This guidance provides an overview of R&D tax reliefs for companies. See the R&D tax relief summary diagram and Simon's Taxes D1.401 for more details.

Last updated: 14 Jul :22 Produced by Tolley in association with Will Sweeney

Value Added Tax VAT Registration - Change of Details

VAT-registered persons must keep their registration details up to date and notify HMRC of any changes. Failure to do so may result in penalties. For penalty guidance, see the relevant section.

Last updated: 14 Jul :57 Produced by Tolley