Weekly tax highlights ― 12 May 2025

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

Direct taxes

SAYE scheme bonus rates reduced, following base rate cut

Following a change in the bank base rate, the Save As You Earn Scheme (SAYE) bonus rates and early leaver rate are automatically updated in accordance with the methodology set out in the SAYE bonus rates automatic mechanism.

Reflecting the Bank of England decision on 8 May 2025 to cut the bank base rate to 4.25%, SAYE bonus rates will be reduced to 0.7 for three-year contracts and 1.9 for five-year contracts (both rates being a multiple of a monthly contribution). The early leaver rate will be 0.83%.

The updated rates apply for contracts taken out on or after the 15th day following the date from which the new bank base rate applies. For the most recent change, this means that the new rates have effect for new contracts taken out on or after 23 May 2025.

See Simon’s Taxes E4.577.

Taxation of Chargeable Gains (Gilt-edged Securities) Order, SI 2025/553

The Order specifies 14 securities as ‘gilt-edged’ securities for the purposes of TCGA 1992,

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