Autumn Budget 2025: Where the Chancellor Could Look for New Tax Revenue

With the Autumn Budget now confirmed for 26 November 2025, all eyes are on where the Chancellor might turn to plug the growing hole in public finances.

Having pledged not to raise income tax, National Insurance or VAT, the government’s options are narrowing. That leaves the so-called “stealth taxes” — freezes, thresholds and relief tweaks — which quietly raise billions without the political sting of headline rate hikes.

Here’s where speculation is pointing, and what it could mean for you and your clients.

Property looks set to feature heavily again this year.

Rumours of a Stamp Duty Land Tax (SDLT) shake-up are growing louder — with suggestions it could be replaced by a more regular, value-based property levy aimed squarely at higher-value homes.

Analysts also point to possible changes in Inheritance Tax (IHT) reliefs, such as the residence nil-rate band, and new charges for second homes and buy-to-let properties.

Some investors and homeowners are already holding off transactions in case changes take effect from Budget day itself — a reminder that timing can make a big difference when the tax goalposts move.

Reports suggest the Chancellor may look again at how partners in professional practices are taxed compared with employees.

Tightening partnership rules or closing certain structuring advantages could raise extra revenue while being positioned as a “fairness” measure.

Meanwhile, wealthier individuals remain an easy target for “balancing the books”. Any changes here could affect those drawing significant dividend income, receiving partnership profit shares, or planning to sell businesses or property.

Capital Gains Tax (CGT) continues to attract speculation. Aligning CGT with income tax would be a dramatic move, sharply increasing the tax due on second homes or investment sales.

Other possibilities include:

• Cutting the annual CGT exemption
• Restricting Business Asset Disposal Relief
• Reducing or freezing ISA and pension allowances
• Extending the seven-year rule on lifetime gifts for IHT

While none of these changes are confirmed, even small freezes can have a significant cumulative effect — especially as inflation drags more people into higher tax brackets.

The UK’s fiscal position remains fragile. Sluggish growth and sustained borrowing mean the government is reportedly looking to raise £20–30 billion through a mix of subtle revenue measures and spending restraint.

Expect a focus on quiet adjustments — thresholds that don’t move, allowances that don’t rise — rather than dramatic new taxes. These “slow-burn” tactics are politically safer but still costly for taxpayers over time.

If you have property, investments or business assets, now is the time to review exposure and options.

• Plan disposals before potential CGT increases
• Top up pensions while current allowances stand
• Review estate plans in case of IHT or gifting reforms
• Assess remuneration structures for LLPs or directors

Even if no major changes materialise, a pre-Budget review can highlight opportunities to optimise your position under the current rules.

Speculation isn’t policy. Acting too early — or without professional advice — can sometimes create more tax than it saves.

If you’re considering a sale, pension contribution, or business restructure ahead of the Budget, speak to us first. We can model potential outcomes, explore timing strategies and ensure your actions align with your long-term goals.

And if this article might help a colleague, client or family member, feel free to share it — forewarned is forearmed.