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Collective agreements

Copyright © 2026 LexisNexis
Produced by Tolley in association with Hogan Lovells
Employment Tax
Guidance

Collective agreements

Copyright © 2026 LexisNexis
Produced by Tolley in association with Hogan Lovells
Employment Tax
Guidance
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  • 18 Dec 2025 10:00

Home/ Tolley Tax Guidance/ Employment Tax / Legal aspects of employment

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Owner-Managed Businesses

Trade or hobby

Trade or hobbyInteraction of hobby farming rules and commercialityFarming has its own set of ‘hobby farming rules’, which historically have stated that a profit must be made every six years. This is known as ‘the five-year rule’, in that there can be five years of losses but there must be a profit

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Owner-Managed Businesses

Special rate pool and long life assets

Special rate pool and long life assetsSpecial rate poolExpenditure on some types of plant or machinery must, if neither annual investment allowance (AIA) nor first year allowances (FYAs) are available, be allocated to a ‘special rate pool’. Expenditure to be allocated to the special rate pool

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Employment Tax

Long service awards

Long service awardsEmployee recognition by an employer can be an important motivational tool, as well as having a positive effect on retention. Most employer awards made to an employee are treated as taxable earnings under ITEPA 2003, s 62 or as a benefit under ITEPA 2003, s 201 because they are

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