Rumours had been mounting that she needed to find an additional £20 to £30 billion to plug the latest financial “black hole”. However, with her hands tied by promises in Labour’s election manifesto – specifically, not to raise the rates of income tax, National Insurance and VAT for ‘working people’ or corporation tax rates – and further constrained by her own fiscal rules, it remained both a mystery and a concern as to how she would attempt to balance the books.

As Rachel Reeves stood in the House of Commons, the wait was finally over (although the early release of the OBR’s report did steal some of her thunder!).

Read our Autumn Budget 2025 summary , which highlights some of the key tax changes we've identified, including:

• Inheritance Tax
  
• Taxation for landlords
  
• Dividend tax rates to increase from April 2026
  
• Salary Sacrifice for pensions
  
• Capital Allowances – writing down allowances
  
• Capital Allowances – new first year allowance
  
• Employee Ownership Trust (EOT) business sales
  
• ISA allowances
  
• Venture Capital Trusts (VCTs) tax relief
  
• Enterprise Management Incentive Schemes (‘EMI’)
  
• Freezing personal tax thresholds
  
• Council Tax surcharge for ‘high value’ properties
  
• Tax residency for those leaving the UK
  
• Other residency related measures
  
• Voluntary National Insurance contributions for non-residents
  
• VAT and indirect taxes

If you would like to discuss any of the Budget announcements in more detail, please do not hesitate to  contact us .