Budget 2025

Autumn Budget 2025 - views from our experts

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Property tax increases hit landlords and homeowners

The increased taxes on the property industry will undoubtably have an impact on house prices, reducing the level of transactions on properties over £2m, and resulting in less SDLT tax receipts, as buyers look to secure properties under thresholds, and sellers cut prices to attract buyers below the thresholds. The chancellor continues to support investment in major transport, energy and housing infrastructure, also recognising the need for investment in technology and AI to drive efficiency.

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Real estate

authors:kelly-boorman

Capital gains tax on sales of employee ownership trusts increased to 12%

The reduction in tax relief on the sale of businesses to Employee Ownership Trusts is likely to slow the pace of change to this ownership model, just when it had started gaining some real momentum.

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Tax

2025-11-27T00:00:00.000Z

authors:chris-etherington

Missed opportunity to boost investment in UK energy sector

As we transition to a renewables future, we need to adopt tax reform and a pragmatic approach to licensing to bridge the gap, otherwise imports will continue to rise as jobs, projects and investment move overseas.

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Energy

2025-11-27T00:00:00.000Z

authors:sheena-mcguinness

Salary sacrifice change delivers mixed messages for pensions savers

The budget announcement today, to cap the NIC exemptions for salary sacrifice pension saving, just four months later, has now made the role of the commission substantially harder.

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Pension

2025-11-26T00:00:00.000Z

authors:ian-bell

Rates reform positive step for UK retail, but a fair balance needs striking

Rates reform is a positive step for the high street, but the system still needs to strike a fair balance so larger operators and online businesses aren’t disproportionately burdened.

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Retail

2025-11-26T00:00:00.000Z

authors:jacqui-baker

"An 8.5% rise in wages for teenagers disproportionately hits retail and hospitality and will trigger staff cuts as operators strive to balance the books."

Retail and hospitality

2025-11-26T00:00:00.000Z

authors:saxon-moseley

"The lack of any growth boosting reforms and the reliance on smaller, distortionary taxes with uncertain yields raises the chances that we are back facing another “tough” budget within a couple of years."

UK economy

2025-11-26T00:00:00.000Z

authors:thomas-pugh