Taxation: Finance Act 2025

Navigate UK taxation rules and policies for 2025 with the market-leading text

Taxation, 31st edition
by Alan Melville serves as a comprehensive and authoritative guide to UK taxation, updated to align with the Finance Act 2025, and praised for its clarity and in-depth coverage of annual Budget changes. Designed to facilitate a clear understanding of taxation, the well-structured textbook features a variety of revised exercises and worked examples. It is an indispensable practical guide and reference tool for both first-time taxation students and professionals applying the rules and regulations of the UK tax system.

This new edition has been thoroughly updated to reflect significant changes in taxation, including:

• The revised timetable for Making Tax Digital for income tax
• Abolition of the furnished holiday lettings tax regime
• First year allowances extended
• Increased HMRC interest rates
• National Insurance Contributions increased for employers
• Capital gains tax rates increased
• Capital gains tax investors' relief lifetime limit reduced
• VAT charged on private school fees
• Inheritance tax domicile test replaced by long-term residence test
• Inheritance tax business and agricultural property reliefs reduced
• Abolition of remittance basis
• Introduction of foreign income and gains (FIG) tax regime

This text will be of value to both undergraduate and graduate students of accounting and finance, and will be particularly useful for students preparing for the following examinations:

ICAEW Certificate Level, Principles of Taxation; ACCA Applied Skills Level, Taxation; ACCA Technician Scheme, Foundations in Taxation; CIPFA PQ, Taxation; CIPFA PAQ, Tax and Law; AAT Professional Diploma, Personal Tax and Business Tax; ATT Certificates, Personal Taxation and Business Taxation; AIA Professional Level 1, Taxation; IFA Personal Taxation, Business Taxation.

Additionally, a free-to-access Companion Website features opportunities for extra practice, chapter appendices and a range of useful links to explore UK taxation rules and the tax system further.

Part 1 Income Tax and National Insurance

1. Introduction to the UK tax system
2. Introduction to income tax
3. Personal allowances
4. Payments and gifts eligible for tax relief
5. Income from property
6. Income from savings and investments
7. Income from employment (1)
8. Income from employment (2)
9. Income from self-employment: Computation of income
10. Income from self-employment: Allocating profits to tax years
11. Income from self-employment: Capital allowances
12. Income from self-employment: Trading losses
13. Income from self-employment: Partnerships
14. Pension contributions
15. Payment of income tax, interest and penalties
16. National Insurance contributions

Part 2 Capital Gains Tax

1. Introduction to capital gains tax
2. Computation of gains and losses
3. Chattels and wasting assets
4. Shares and securities
5. Principal private residence
6. CGT reliefs

Part 3 Corporation Tax

1. Introduction to corporation tax
2. Corporate chargeable gains
3. Computation and payment of the corporation tax liability
4. Corporation tax losses
5. Close companies and investment companies
6. Groups of companies and reconstructions

Part 4 Miscellaneous

1. Value added tax (1)
2. Value added tax (2)
3. Inheritance tax
4. Overseas aspects of taxation

Part 5 Answers

Index