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Please find below our summary of the Autumn Budget delivered by the Chancellor, John Healey, on Wednesday 28 October.
Among the wide range of measures were:
• An additional two percentage points increase for tax rates on savings income and property income from 2027/28 for basic, higher and additional rate taxpayers. Dividend tax rates will be unchanged.
• A new pensions tax allowance will be introduced for three years to remove pensioners with income equal to no more than the new state pension from the tax net.
• The restriction on the cash ISA limit for savers under 65 has been reversed.
• A new First Time Buyer ISA will be introduced from April 2029 and will replace the lifetime ISA (LISA) which will continue, with a small reduction in the penalty charge for property buyers who breach the £450,000 purchase price cap.
• To help with increased home energy costs, a one-off £100 energy payment will be given to households in council tax bands A to D.
• Standing charges on domestic gas use will be removed during 2027, or as soon as possible thereafter, with the fees shifting onto unit prices instead.
• The trading allowance will be tripled to £3,000 from 2027/28.
• Capital allowances will see an increase to the main first year allowance from 40% to 50% from 1 January 2027, but a cut to the main writing down allowance from 14% to 12% from April 2027.
• The business assets disposal relief limit will be halved to £500,000 from April 2027, while a new Founders’ Relief will be introduced with a £10 million limit “for qualifying founders of high-growth, innovative companies”.
Our Budget summary highlights the key aspects likely to affect you. If you have any questions about what you should do next, please get in touch.
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Our latest client newsletter is available for download.
It covers information on MTD, Tax overcharged on P800 calculations and more
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Our latest client newsletter is available for download.
It covers reporting requirements for directors, new mileage rates and more.
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Our latest client newsletter is available for download.
It covers MTD for Income Tax, new penalties for Income Tax and more.
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Our latest client newsletter is available for download.
It covers simple assessments, electric vehicle excise duty, salary sacrifice pensions and more
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Please find below our summary of the Autumn Budget delivered by the Chancellor, Rachel Reeves, on Wednesday 26 November.
Income tax and other main tax rates remain essentially unchanged and frozen for longer, but the taxation of dividends, savings income and property income will rise over the next few years.
Among the wide range of measures were:
Personal Allowance and Tax Thresholds:
• The personal allowance and the existing income-tax thresholds remain fixed at their current cash values for a further three years to 2030/31.
Tax on Dividends:
• Tax rates on dividends will increase by 2% from 2026/27, except for the additional rate on dividends which will stay at 39.35%
Tax on Savings Income:
• Savings income rates will increase by 2% in 2027/28.
Tax on Property Income:
• Property income rates will also increase by 2% in England and Northern Ireland in 2027/28, however due to the devolution of property income tax rates in Scotland, we await the Scottish government delivering their budget on 13 January 2026 to find out how this will affect Scottish taxpayers.
Electric Vehicle Excise Duty:
• A new usage-based Electric Vehicle Excise Duty (eVED) will be introduced from April 2028 establishing a charge per mile for electric cars. Average EV drivers are expected to pay around £240 a year initially and plug-in hybrid cars will attract a reduced rate.
Changes to Pensions via Salary Sacrifice:
• From 6 April 2029, the amount that an employee may contribute to a pension through salary sacrifice without paying national insurance contributions (NICs) will be capped at £2,000 a year.
Changes to ISA’s:
• The individual savings account (ISA) subscription limit remains £20,000. But from April 2027, savers under age 65 must invest at least £8,000 of the annual ISA allowance in qualifying investments such as shares and authorised funds, rather than in cash.
As ever the Budget publications contained a wide range of detailed proposals and much to digest. Our Budget summary highlights the key aspects likely to affect you. If you have any questions about what you should do next, please get in touch.
Download here
Our latest client newsletter is available for download.
It covers Advisory fuel rates from 1st September 2025, MTD for Income Tax and more.
Download here
Our latest client newsletter is available for download.
It covers Mandatory Payroll of Benefits (delayed) MTD for Income Tax and more.
Download here
Our latest client newsletter is available for download.
It covers MTD for Income Tax, NIC Changes and more.
Download here
