1 Autumn Budget | 26 November 2025 @ Copyright 26 November 2025. All rights reserved. This summary has been prepared very rapidly and is for general information only. The proposals are in any event subject to amendment before the Finance Act. You are recommended to seek competent professional advice before taking any action on the basis of the contents of this publication. Contents Budget highlights 1 Introduction 2 Personal taxation 3 Pensions, savings and investments 7 Capital taxes 8 Welfare and labour markets 10 Business taxes 11 Value added tax 13 Tax administration 13 NICs 16 Budget highlights l T he income tax personal allowance and thresholds, as well as employee and self-employed national insurance contribution thresholds, will be frozen for another three years, until 6 April 2031. l T ax rates on dividends will rise for basic and higher rate taxpayers by two percentage points from 2026/27. On savings income and property income, rates will rise by two percentage points from 2027/28 for basic, higher and additional rate taxpayers. l S alary sacrifice to fund pension contributions will effectively be capped at £2,000 a year, starting in 2029/30. l F rom April 2028 a high value council tax surcharge will be introduced on properties valued at over £2 million. l A pay-per-mile charge will be introduced for electric vehicles (including hybrids) from April 2028. l U nused inheritance tax (IHT) agricultural and business reliefs will be transferable between spouses and civil partners on death. l T he IHT nil rate band and residential nil rate band will be frozen for another year until 6 April 2031. l T he maximum subscription to cash ISAs will be reduced to £12,000 from 2027/28 for those under age 65, but the overall ISA limit will remain at £20,000. l T he two child benefit cap will be scrapped from April 2026. l E nterprise management incentive eligibility will be increased to allow scale-ups, as well as start-ups, from April 2026.
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