Moore member firm Johnston Carmichael explores key challenges and opportunities for family businesses in 2025, from tax changes to digital transformation and sustainability.

Moore member firm Kingston Smith has reviewed the UK government's Autumn Budget, which introduced key changes to Employee Ownership Trusts (EOTs) on 30 October 2024. The updates aim to ensure EOTs benefit employees and prevent tax avoidance. Key changes include restrictions on former owners retaining control, new trustee residency requirements, an extended period for CGT relief, and clearer rules on share valuations and distributions. Additionally, a tax-free bonus of up to £3,600 for employees of EOT-owned companies was introduced, with more inclusive participation rules. These reforms aim to strengthen employee ownership in the UK.

marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or does not pay tax above the basic rate threshold for Income Tax (i.e., one of the couples must currently earn less than the £12,570 personal allowance for 2023-24).

Although the Brexit process continues to throw a spanner into the normal workings of government, there are a few certainties from a tax point of view that will be effective from April 2020. A few property related changes are noted in this article:

Most people think the highest rate of income tax in the UK is 45%. But in fact there are two situations where you could be paying much more. 

Most people think the highest rate of income tax in the UK is 45%. But in fact there are two situations where you could be paying much more. 

In 2014, the DVLA scrapped the displaying of a paper tax disc, as for the first time in 90 years drivers would resort to a new procedure and meet the new rules, by renewing their car tax by phone, DVLA website or at the post office. 

In 2014, the DVLA scrapped the displaying of a paper tax disc, as for the first time in 90 years drivers would resort to a new procedure and meet the new rules, by renewing their car tax by phone, DVLA website or at the post office.