With just over two months to go until the Autumn Budget on 26 November 2025, individuals are being urged to take stock of their financial planning. Tax advisers at Burgis & Bullock are encouraging clients to act now – particularly in areas where allowances and reliefs may be at risk.
Now is the time to ensure you’re making the most of existing tax reliefs. Maximise ISA contributions: The current ISA contribution allowance of £20,000 remains generous, but future reforms could shift the focus away from cash ISAs. Boost pension contributions: Higher-rate tax relief may be under threat, so it’s worth reviewing your pension strategy now. Consider crystalising any tax-free lump sum payments available from pensions, although this should be discussed with a financial adviser prior to making any decisions.
Although CGT rates were increased in the 2024 Budget, the changes were less severe than expected. That leaves the door open for further hikes this Autumn.
Use your CGT allowance: Consider realising gains before any rate changes. Currently holdover claims are available for eligible gifts, there have been rumours that there may be charges introduced on gifting in the November budget and holdover could be impacted.Inheritance Tax (IHT) is another area where change is possible.
The 7-year rule may extend to 10 years: This would delay when gifts fall outside the estate. A cap on IHT-free gifting: A lifetime cap could limit planning flexibility. Nil-rate band freeze: Likely to be extended beyond 2030, pulling more estates into the IHT net.
“We urge individuals to revisit estate planning and gifting strategies,” says Helen. “But it’s important not to rush into decisions – consider your long-term needs.”
Major reforms are being discussed that could impact homeowners and landlords. Stamp Duty overhaul: A national property tax on homes over £500,000 is under consideration. Council Tax reform: A shift to value-based local property tax could replace outdated banding. NIC on rental income: Landlords may face National Insurance charges on rental earnings.
While a full wealth tax remains politically risky, other measures are being explored. Luxury VAT: Higher VAT rates on items such as yachts, art, and private club memberships are being floated. Wealth tax: Still considered unlikely due to complexity, but not entirely off the table.
Act early: Especially on CGT and pensions – some opportunities may close after 26 November. Avoid knee-jerk decisions: Particularly around IHT – focus on long-term planning. Stay informed: The tax landscape is shifting, and proactive planning is more important than ever.
For advice on your pre-budget planning, contact the Burgis and Bullock Tax Team on 01926 451000.
