It feels like the speculation over 26th November’s Autumn budget started as soon as the Spring statement had finished and after many rumours around the different policy changes to increase the tax burden on ‘those with the broadest shoulders’ it was the OBR that stole the headlines leaking the budget report in full detail before Rachel Reeves had even taken to the lectern in the House of Commons.
As ever, the devil is in the detail and there will be a lot more detail to come over the coming days but Ms. Reeves largely laid off investors with no further changes to CGT, but a raft of tweaks to areas such freezing the income tax thresholds (AKA an increase in income tax via ‘fiscal drag’), tax on dividends and investment / property income, and a so-called mansion tax will not have just have an impact on the ultra-wealthy, but business owners and investors alike.
Elsewhere, there are:
Reforms in Employee Ownership Trusts (EOTs) with the CGT relief for business owners cut from 100% to 50%
Adjustments to ISA rules with a limit of £12k imposed on cash ISAs with the remaining £8k required to be invested in stocks and shares
Support for business investment
Fuel duty frozen for a further five months
Pay per mile tax on EVs and Hybrids
Cuts to energy bills
Tax collection crackdown
We’ve consolidated everything into a report which you can download below:
“This Budget was always going to be about revenue, with business owners, high earners and landlords all feeling the pinch. From pension restrictions to frozen thresholds and higher taxes on investment income, this is a clear signal: the net is tightening. As ever, the full impact will be in the fine print, but now’s the time for businesses and individuals to get ahead of the changes and protect what they’ve built.”
