The UK tax authority, HMRC, announced further amendments to the Finance Bill 2024-25 on 25 February 2025, alongside explanatory notes on the revised provisions.
The amendments also include:
- Clause 37 introduces new sections for claiming relief on foreign income.
- Clause 39 amends relief on foreign gains to cover gains from migrating settlements.
- Clause 40 and Schedule 9, addressing the end of the remittance basis for non-domiciles from April 2025, are updated regarding the remittance of foreign income and capital gains during extended non-residence and conditions for FOTRA (free of tax to residents abroad) securities.
- Schedule 3 on carbon storage decommissioning confirms that the Secretary of State must certify payments into a decommissioning fund.
- Schedule 10 on the temporary repatriation facility charge is revised to address migrant settlements, calculating qualifying overseas capital, income matching, asset transfer rules, income and capital gains ordering, and tax credits.
- Schedule 12 on trusts is updated to align qualifying new resident relief for beneficiaries with other provisions.
Earlier, the Finance Bill 2024-25, based on the Autumn Budget 2024, passed its second reading in the House of Commons on 27 November 2024. First introduced on 6 November 2024, the bill implements tax measures announced by Chancellor Rachel Reeves in the Autumn Budget delivered on 30 October 2024.
