Finance Bill 2024–25

Finance Bill 2024–25
Text of the of the Bill as introduced on 7 November 2024, accompanied by explanatory notes, subsequent versions, amendment papers, and record of its progress through parliament.

Finance Bill 2024–25 — draft legislation and technical tax documents
Collection of draft legislation and tax information and impact notes (TIINs) for the Finance Bill 2024-25.

Draft Finance Bill 2024-25 and ICAEW responses

Draft legislation published for Finance Bill 2024-25
29 July 2024, HMRC
Draft legislation, supporting documents and tax information and impact notes (TIINs) covering proposed measures on furnished holiday lettings, Pillar 2, VAT on private school fees, and more.

ICAEW REP 67/24: Applying VAT to private school fees
13 September 2024, ICAEW
ICAEW representation responding to the Applying VAT to Private School Fees and Removing the Business Rates Charitable Rates Relief for Private Schools Technical Note published by HM Treasury on 29 July 2024. It argues that implementing the proposed legislation with effect from 1 January 2025 does not give private schools sufficient time to prepare for the change.

ICAEW REP 68/24: Furnished holiday lettings tax regime abolition
13 September 2024, ICAEW
ICAEW representation responding to the draft legislation, draft explanatory note and policy paper covering the furnished holiday lettings (FHL) tax regime abolition published by HMRC on 29 July 2024. It expresses concern that the abolition of the FHL regime creates uncertainty as to whether a short-term holiday rental business should be treated as a trade for tax purposes and whether the landlord will be considered a self-employed earner for national insurance purposes.

Autumn Budget 2024

Autumn Budget 2024
The Chancellor of the Exchequer presented her Autumn Budget 2024 to Parliament on Wednesday 30 October 2024.

ICAEW hub: Autumn Budget 2024
See ICAEW's analysis of key announcements and news.

Finance Bill 2024–25 and ICAEW responses

Finance Bill 2024–25
Published on 7 November 2024.

ICAEW REP 82/24: Finance Bill 2024-25 — Clause 31 and Sch 6, Employee Ownership Trusts
29 November 2024, ICAEW
ICAEW briefing for MPs on the measures included in the Finance Bill to change the tax rules relating to employee ownership trusts.

ICAEW REP 86/24: Finance Bill 2024-25 — Clause 7 and Schedules 1 & 2, capital gains tax - rates of tax
5 December 2024, ICAEW
ICAEW briefing for MPs on the measures included in the Finance Bill to make mid-year changes to capital gains tax (CGT) rates.

ICAEW REP 87/24: Finance Bill 2024-25 — Clause 25 and Schedule 5, furnished holiday lettings
5 December 2024, ICAEW
ICAEW briefing for MPs on the measures included in the Finance Bill to abolish the furnished holiday lettings (FHL) regime.

ICAEW REP 88/24: Finance Bill 2024-25 — Clauses 50-53, stamp duty land tax - increased rates for additional dwellings
5 December 2024, ICAEW
ICAEW briefing for MPs on the measures included in the Finance Bill to increase the higher rates of Stamp Duty Land Tax (SDLT) which apply to purchases of additional residential properties.

ICAEW REP 89/24: Finance Bill 2024-25 — Clause 47, value added tax - removal of exemption for private school fees
6 December 2024, ICAEW
ICAEW briefing for MPs on the measures included in the Finance Bill to remove the value added tax (VAT) exemption for private school fees.

ICAEW REP 91/24: Finance Bill 2024-25 — Clauses 21 and 37 to 46 and Schedules 8 to 13, replacement of special rules related to domicile
20 December 2024, ICAEW
ICAEW technical note on the construction of the legislation in the Finance Bill.

Tax experts have produced analysis of various aspects of the Bill. A selection of commentary resources is set out below.

Research briefing: Autumn Budget 2024 and Finance Bill 2024-25
A guide produced by the House of Commons Library, highlighting key publications and information sources relating to the Autumn Budget 2024 and Finance Bill 2024-25.

Grant Thornton Insights
Articles and guides from Grant Thornton UK, including:

• Changing taxation environment for private schools (30 July 2024)
• Reforms to non-dom taxation (7 October 2024)
• Farewell domicile – what’s next for globally mobile employees? (12 November 2024)

KPMG Tax Matters Digest
A bi-weekly newsletter covering UK tax developments with KPMG's analysis. Key commentary on the Finance Bill 2024-25 includes:

• Pillar Two: CbCR safe harbour anti-arbitrage rule draft legislation (1 August 2024)
• Finance Bill: Amendments to the UK’s existing Pillar Two rules (21 November 2024)
• Finance Bill: Further relief and other changes for creative industries (21 November 2024)

BDO Insights
News and opinion from BDO, including:

• Tax changes for furnished holiday lets (9 August 2024)
• VAT on school fees – what you need to know (9 August 2024)
• Changing rules for non-doms – what to do now? (3 December 2024)
• Business investment relief for non-doms – how it is changing (3 December 2024)

• View a list of articles and books in our collection on the Finance Bill 2024-25

To find out how you can borrow books from the Library please see our guide to borrowing books.

You can obtain copies of articles or extracts of books and reports through our document supply service.

The Library holds an extensive collection of Finance Acts (from the 19th century onwards), Finance Bills (from 1951 onwards), debates on the Finance Bill as recorded in Hansard, and Standing Committee Debates on the Finance Bills. Alongside this you can also find many publications from the ICAEW and other bodies on the Finance Bills and Acts.

For full details of our holdings in this area, see our guide to Finance Acts and Bills in the Library collection.

We also maintain an online archive of links and resources for Finance Acts 1980–1995 and for Finance Acts 1996–.