Autumn Budget 2025: full summary

Click here to download our full Autumn Budget 2025 summary.

Chancellor of the Exchequer Rachel Reeves set out tax-raising measures worth up to £26 billion in the Autumn Budget on 26 November 2025. The increases will be achieved through a range of measures, including extending the freeze on Income Tax thresholds for a further three years.

Some of the key highlights include:

• Income-tax thresholds, including personal allowance and bands, will remain frozen until April 2031.
• Taxes on dividend income, savings income and rental income will increase.
• The government will cap tax-free pension contributions via salary sacrifice to £2,000 per year beginning April 2029; contributions beyond that will attract National Insurance.
• A “mansion tax” on homes valued at £2 million or more is introduced as part of a broader drive to shift more of the tax burden onto wealth and property.
• On the spending side, the Budget includes measures to ease the cost of living: average household energy bills are forecast to drop by about £150 from April; rail fares are frozen; and the controversial two-child benefit cap will be abolished.

At its core, the Budget reflects a balancing act: raising revenues to repair public finances, while trying to protect working households, particularly through targeted support and cost-of-living relief.

Click here to download our full Autumn Budget 2025 summary.

In addition to our full Budget summary, you can also explore all of our individual news articles from the Budget, which are listed below.

Read more of our Autumn Budget 2025 insights

Below you can explore all of our different insights from the Budget.

• Top implications for businesses
• Top implications for individuals
• Inheritance tax reliefs: Transferable £1 million allowance
• Changes to income tax and ISAs
• National Insurance relief on pension contributions capped from April 2029; what employers and employees need to know
• Employee Ownership Trust (EOT) tax relief slashed by 50%
• Capital allowances changes
• Major tax changes to support scale-ups

If the Budget has raised any questions for you, or if you would like any further information or guidance on this topic, get in touch with your usual Kreston Reeves contact or contact us here.