With borrowing costs rising and little room for manoeuvre, the Chancellor is preparing a cautious first Budget. Energy bills, wages, tax rises and greater powers for the regions are all in focus. Wednesday 28 October 2026 | Pre-Budget briefing Chancellor John Healey will deliver his first Budget to the House of Commons today, in the first major fiscal test of Andy Burnham's premiership. He is expected to begin speaking at around 12.30pm, with a string of announcements already

With the Chancellor due to deliver the Autumn Budget tomorrow, Wednesday 28 October, at approximately 12:30pm, attention turns to the measures that could affect individuals, businesses, investors and retirees. At Foxmain Associates Chartered Accountants, we will be monitoring several key areas: ▪ Personal Taxation: Potential changes to tax thresholds, rates and reliefs. ▪ Capital Gains Tax: Any revisions to allowances and existing reliefs. ▪ Pensions: The future of the £268,2

The full new State Pension is £241.30 a week in 2026/27, equivalent to approximately £12,548 a year — just £22 below the £12,570 Personal Allowance, which is frozen until April 2031. With earnings growth of 3.9%, the State Pension is set to rise to approximately £250.70 a week from April 2027, or £13,036 annually. That would put it around £466 above the tax-free allowance, creating a theoretical income tax liability of approximately £93 a year at the basic rate. However, the

The headline number tells you surprisingly little. Consider someone with £5m in assets: 🏠 £2m home — A new High Value Council Tax Surcharge is due in England from April 2028. Reports suggest the Government has ruled out lowering the £2m threshold to £1.5m. 💼 £1m pension — From April 2027, most unused pension funds and relevant death benefits will form part of the estate for inheritance-tax purposes. Already legislated. 📈 £1m in ISAs — No overall cap on accumulated ISA weal

With the Autumn Budget approaching on 28 October, business owners and directors should be looking beyond the headline corporation tax rate. The Prime Minister has committed to keeping the main rate at 25%. Companies currently face rates of 19% on small profits up to £50,000 and 25% above £250,000, with marginal relief in between. Those thresholds can be reduced where companies are associated. But tax revenue can still be raised through changes to reliefs, allowances and other

With the Autumn Budget approaching on 28 October, property owners and buyers are watching closely. However, the impact will be very different depending on where you sit in the market. 🏠 HOMEOWNERS Most people selling a qualifying main residence benefit from Private Residence Relief, meaning they generally won't pay Capital Gains Tax on the gain. One confirmed policy direction is the High Value Council Tax Surcharge, planned for April 2028. In England, homes valued at £2 mill

An investor buys £100,000 of shares outside an ISA or pension. They rise in value to £160,000. If the investor sells the shares, the potential capital gains tax calculation looks like this: That's assuming the entire taxable gain falls within the 24% band, with no allowable losses or deductible costs. Under current rules, CGT on ordinary share gains is charged at 18% within the unused basic-rate band and 24% above it. Now for the Budget twist. Reports suggest the Chancellor h

Confirmed: From 6 April 2027, under-65s will be able to contribute up to £12,000 a year to Cash ISAs, within the unchanged £20,000 overall annual ISA allowance. A typical split could be £12,000 in cash and £8,000 in stocks and shares. People aged 65 and over will retain the full £20,000 Cash ISA allowance from the start of the tax year in which they turn 65. From the same date, interest on cash held in a Stocks and Shares ISA will face a 22% charge. Under-65s will also be una

Taking your tax-free pension cash early because of speculation about the Budget could be a costly decision — and one you may not be able to reverse. Consider the numbers. A pension worth £600,000 could provide £150,000 in tax-free cash under today's rules, assuming the full allowance is available. That's comfortably within the current standard lump-sum allowance of £268,275. But what if the rules change? Ahead of the 2025 Budget, there was speculation that the allowance could

Pension tax relief is one of the most frequently discussed potential Budget targets — and one of the easiest to misunderstand. Three separate issues are often blurred together: 1. Tax relief on contributions A higher-rate taxpayer contributing £10,000 gross to a pension can receive £4,000 in income tax relief, making the effective cost £6,000, assuming the full contribution qualifies for relief at 40%. Restricting higher-rate relief remains a recurring subject of Budget specu

Headline Income Tax and employee National Insurance rates are unlikely to change. But frozen thresholds can still increase the proportion of your pay going to tax. For 2026/27 in England, Wales and Northern Ireland, the 40% Income Tax rate starts above £50,270. Employee NI falls from 8% to 2% at the same threshold. Both thresholds are currently set to remain frozen until April 2031. There are reports that the Chancellor is considering increasing the £12,570 Personal Allowance

“Ruled out” is narrower than the headlines suggest. Protected by the main tax-rate pledge: the main rates of income tax, employee National Insurance and VAT. Subject to a separate commitment: the main corporation tax rate, capped at 25% for this Parliament. Outside those specific rate pledges: tax thresholds and allowances, employer National Insurance, capital gains tax, dividend and savings taxation, pension relief and tax-free cash, inheritance tax, property taxes, business

Why is the Chancellor exploring less obvious ways to raise revenue? The answer is straightforward: the Government's financial breathing space is rapidly diminishing. In March 2026, the Office for Budget Responsibility (OBR) estimated that the Government had £23.6 billion of headroom against its fiscal rules. That margin now looks considerably less comfortable. Recent estimates from EY suggest headroom has fallen to approximately £11.3 billion, while the Resolution Foundation

Before the speculation begins, let's look at what we already know. As attention turns to the forthcoming Budget, there will inevitably be rumours about further tax rises, spending decisions and possible changes to allowances. But much of what will affect households, investors and business owners over the next few years has already been announced, with several measures now in legislation. Here is what we know so far: 🔹 April 2026 – Dividend Tax: Rates increased by 2 percentag

John Healey's first Budget, the first of Andy Burnham's government, is best read as a fiscal-tightening event with a high chance of targeted changes rather than a simple rise in headline rates. Three points frame everything else. The room to manoeuvre has shrunk. Headroom against the fiscal rules was above £24bn in March. Since then gilt yields, higher borrowing and new commitments have eaten into it: ITEM Club puts it at just over £10bn, and the Resolution Foundation has sug

If you sell or otherwise dispose of UK property, you may have to report the disposal to HMRC and pay Capital Gains Tax (CGT) within 60 days of completion. The rules differ depending on whether you are UK resident or non-UK resident. Missing the deadline can result in penalties and interest, so it is important to establish whether a return is required as soon as a property sale completes. Key facts UK residents generally have to report a disposal of UK residential property wit

Capital losses that cannot be used in the tax year in which they arise can generally be carried forward indefinitely and set against capital gains in future tax years. However, the loss must first be reported to HMRC within the applicable time limit. Key Points Unused allowable capital losses can generally be carried forward indefinitely until they are used. A capital loss must normally be reported to HMRC within 4 years after the end of the tax year in which the disposal giv

If you are employing staff or engaging subcontractors for construction work, you will normally need to register with HM Revenue & Customs (HMRC). Employing staff You must register as an employer before your first payday so that HMRC can issue your employer PAYE reference number. This applies even if you are the sole director of a limited company and the company employs only you. You can register up to two months before you intend to start paying yourself or your employees. Mo

From the 2025/26 Self Assessment tax year, many company directors will be required to provide additional information on their personal tax returns. If you're a director of an owner-managed or family-owned company, these changes are likely to affect you. Although the new reporting requirements won't increase the amount of tax you pay, failing to complete the new sections correctly could lead to HMRC penalties of £60. Here's what you need to know. Who do the new rules apply to?

The government is consulting on proposals that would require many Income Tax Self Assessment (ITSA) taxpayers to pay tax closer to real time from April 2029. Under the plans, taxpayers with PAYE income would pay estimated ITSA liabilities through monthly PAYE deductions, while other self-employed individuals and landlords could move to monthly or quarterly payments on account. The reforms aim to reduce late payments and tax debt by spreading tax liabilities throughout the y