Welcome to our review of the changes announced in the Budget on Wednesday 26 November 2025.
There are already many available sources for the details of the Budget announcements (not least the OBR’s summary released by mistake several hours before the Chancellor stood to speak in the House of Commons). This document is not intended to compete with those sources but, rather, is a summary of our thoughts on the impact of those changes for you and/or your business and the implications for how you manage your affairs. Where relevant, we also note action points you may wish to consider as a result of those changes.
Although the Budget was not, in the end, as dramatic as the Government had led us all to believe, there have been quite a number of changes. Most of those changes are individually relatively small but the compound effect is likely to be somewhat greater, both now and over the course of time. The scope of the changes is also quite wide, affecting all areas of society, from young people in employment, business owners, high net worth individuals and pensioners.
In our 2024 Budget Summary, we discussed the Government’s struggles with manifesto commitments and particularly its own definition of “working people”. The concerns we expressed at the time have now largely come to pass, with increased taxation of pretty much any form of income that can loosely be described as investment income. Thankfully the increases are relatively small but it remains to be seen how the measures will be received by the population as a whole, particularly in light of the fact that many of the changes will not take effect until April next year and, even then, the full impact will not be realized until the following year when tax returns begin to be completed and tax liabilities quantified.
It is important to bear in mind that this is an informal document intended to provide general guidance and you should therefore not take action solely on the basis of the contents of this note. If you believe that any matter referred to might affect you, please contact us for further advice before proceeding.
This briefing note provides updates and commentary on the following issues:
- Tax thresholds
- Corporation tax
- National minimum wage
- Income tax
- Pensions
- Property matters
- Other matters
- Reminders
As always, if you are unsure of the impact this may have on you, please get in touch and we will be happy to discuss in more detail. Please remember that, in terms of practical implementation, detailed legislation is yet to be released but we will confirm as much as we possibly can.
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