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):

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

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