The noise around the Autumn Budget seems to get louder every year. This time, with almost three months between the announcement and the big day, we’ve had a steady stream of headlines, hot takes, and speculation .
For the Chancellor, balancing the books is no small feat. The Government spends over one hundred billion pounds annually just servicing existing debt. Add to that the rising costs of health and social care, an aging population, and fewer workers, and it’s clear that the pressure is mounting.
Public services are under strain, and although the UKs tax take is at a record high, promises not to raise the main taxes mean everything else is potentially on the table.
So, what might we see?
Firstly, there’s talk of changes to, inheritance tax and gifting rules.
Secondly, revisiting of Capital gains tax. Although it was raised last year, it still sits below income tax rates, and there is speculation that profits made from the sale of your main home may be taxed or Council tax reformed. And thirdly, pensions. This is a topic that have never been out of the spotlight, with reductions to tax free cash and potential changes to tax relief on contributions. Even a psychic might struggle to predict what will make the cut this time around.
At Rathbones, we’re not in the business of fortune telling — but we are in the business of cutting through the noise and helping you stay on track to meet your financial goals, whatever the Budget may bring.
Visit the Rathbones Autumn Budget Hub for insights and practical tools, and register for our post-announcement webinar on 27 November, where I’ll be joining the panel to unpack the Budget and what it means for you.
